2020 Development that Best Preserves Existing Affordable Rental Housing
Standard Communities Illinois Section 8 Portfolio
Developer and Owner: Standard Communities
Location: Chicago, IL
The acquisition, renovation and preservation of Standard Communities Illinois Section 8 Portfolio will provide long-term affordable housing for seniors in Chicago. The development expands and preserves the affordability or 855 apartments—80 percent of which are designated for seniors. Standard Communities worked in collaboration with the U.S. Department of Housing and Urban Development, the Illinois Housing Development Authority and the Chicago Housing authority to gather more than $200 million in capital.
Properties in the Illinois Section 8 portfolio had not seen significant investment in more than 20 years, and residents struggled to feel connected to the communities they had been a part of for so long. Each apartment received more than $50,000 in renovations, and 150 apartments were renovated to allow for increased accessibility to residents with disabilities or hearing and visual impairments.
“We are extremely proud that in addition to preserving the affordability of these 855 apartments,” said Robert Koerner, Chief Investment Officer of Standard Communities. “We were also able to expand the total rental subsidy and reduce the rent burden for a significant proportion of the residents. Our use of innovative financial structuring and strong Public-Private Partnerships has proven invaluable when trying to address the challenges associated with providing affordable housing in high-cost and high-opportunity locations."
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