"It could have easily been used to respond to the demand for market-rate rental or condo apartments," says Dr. Leon D. Finney Jr., president and CEO of The Woodlawn Organization, and chairman of Woodlawn Community Development Corp. "Rather, we chose to keep Jackson Park Terrace primarily as an affordable housing option."
The Woodlawn Organization acquired the property from the University of Chicago in 1973. The university continues to hold a ground lease on the property but has extended it for another 60 years.
The renovation is being paid for with $16.7 million in Illinois Housing Development Authority bonds bought by the AFL-CIO Housing Investment Trust, $9.4 million raised in low-income housing tax credits by National Equity Fund, Inc., $4.4 million from IHDA and $750,000 from its Affordable Housing Trust Fund.
The renovation had significance beyond the city's Woodlawn community. By chipping in $5 million in the project, Freddie Mac passed $3 billion in low-income housing tax credit investments.
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