NONPROFIT DEVELOPER BUYS TWO AFFORDABLE HOUSING BUILDINGS ON THE WEST SIDE

Preservation of Affordable Housing (POAH), a nonprofit developer, recently purchased two buildings, located on 325 and 345 N. Austin St., in the Austin neighborhood. Photo Credit: Preservation of Affordable Housing
Preservation of Affordable Housing (POAH), a nonprofit developer, recently purchased two buildings, located on 325 and 345 N. Austin St., in the Austin neighborhood. Photo Credit: Preservation of Affordable Housing

Nonprofit Developer Buys Two Affordable Housing Buildings On The West Side

BY KATHERINE NEWMAN

Nonprofit housing developer, Preservation of Affordable Housing (POAH), recently purchased two established affordable housing properties in the Austin community. The purchase of the two buildings, located on 325 and 345 N. Austin St., is the organization’s first West Side project.

POAH currently operates more than 12,000 affordable housing units in 11 states and the District of Columbia. The organization first expanded to Chicago in 2008 at the request of tenants and community advocacy groups, the City of Chicago, and U.S. Department of Housing and Urban Development (HUD) to replace the distressed Grove Parc apartments in Woodlawn, according to information provided by POAH.

“This is our first deal in Austin and was actually our first deal on the west side,” said Bill Eager, POAH’s Chicago-area vice president. Collectively, the two buildings have a total of 94 units of affordable apartments for seniors that POAH will now be responsible for maintaining, according to Eager.

“We’ve been really busy, particularly on the south side, the last several years and we’ve been looking for opportunities to work in other neighborhoods in and around Chicago. Based on the nature of work that we do, these are exactly the kinds of properties that we look for,” said Eager.

The two buildings on N. Austin Street are in good shape, according to Eager. He went on to say that the organization will likely do some remodeling as tenants move in and out and update the common amenity spaces. “It has been a while since they’ve had rehab done to them but generally speaking, the unit’s themselves are in pretty good shape,” said Eager. “Nobody will be displaced or relocated. This is all the kind of work that we can typically do with residents in place.”

POAH considers itself to be a “mission- driven developer” and focuses on maintaining affordable housing units across the country. Taking over these two properties in Austin means that the organization will be able to guarantee that the buildings will continue to operate and provide safe, affordable housing in the community.

“We are in the process of trying to figure out what the residents want from us as new owners, but also what the community wants to see from us,” said Eager. “We very much want to be integrated into the community. Once we’re in a community, we tend to look for other opportunities and now that we are in the Austin market, we’ll be looking to see what other development opportunities there might be.”

While Eager said POAH isn’t exactly sure what its future looks like in Austin, he said it’s his hope that POAH can partner with the community to create a plan together.

“We are really excited to be in Austin and to be working on the west side. It’s a new part of the city for us and we’ve got a lot to learn and a lot of people to meet. Now that we’re there, we’re excited to be fully involved and part of the community,” said Eager.

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