Renaissance Partners got $3.7 million in HOME funds from the city's Department of Housing, $3 million in Empowerment Zone funding, $1.5 million from the Illinois Department of Commerce and Community Affairs and $1.3 million in historic tax credit money from the National Equity Fund.

Built in 1912, the Wabash Y was home for African-Americans migrating from the South and a community center in the Bronzeville neighborhood. The Y housed the Association for the Study of Negro Life and History, which established Black History Month.

The single-room-occupancy building will have 101 units with a kitchen and bath. A 27,000-sf fitness center, with a weight room, gymnasium and swimming pool will be leased to the YMCA of Metropolitan Chicago. There also is room for a social service staff to help residents with job counseling, computer training and other services. A ballroom that features a mural by William Edward Scott done as part of the Works Progress Administration also is being refurbished.

The property yielded no taxes in recent years, but its most recent bill was $44,569. "The renovation of this historic development will help to further revitalize the Bronzeville neighborhood and provide quality affordable rental housing for neighborhood residents," says 3rd Ward Alderman Dorothy Tillman.

Mayor Richard M. Daley used a recent ceremony at the Wabash Y to push for a Senate Bill 1135, which would establish the Illinois Affordable Housing Tax Credit. Individuals and corporations would get a state income tax credit equal to half the amount they contribute to a non-profit agency that builds affordable housing. "This program could generate up to $26 million for affordable housing in Illinois," Daley said. "It is an opportunity that should not be missed."