Levy House Updates
AUGUST 28, 2020
In May, our office announced the sale of the Levy House on 1221 W. Sherwin to the Preservation of Affordable Housing (POAH). This sale assured that 100% of the units at the Levy House will be affordable and no current tenants will have to be displaced.
On Wednesday, the financing for POAH's acquisition unanimously passed the Committee on Housing and Real Estate. POAH worked closely with the City's Department of Housing and the CHA to assemble their financing, which ensures the affordability of the units. It will now head to the full City Council on September 9 for a final vote.
A full overview and background of POAH's acquisition of the Levy House are available to review in the update from May 20, 2020 below.
May 20, 2020:
It's official! The Levy House, a senior housing building on Sherwin Ave, will have a new owner soon and be a 100% affordable housing building and current residents and staff will be able to stay on!
This week the CHA's Board approved the allocation of a combination of Project-Based Vouchers (PBV) and a loan of up to $3 million to the Preservation of Affordable Housing (POAH) for the Levy House on Sherwin. This acquisition and partnership has ensured that 100 percent of the units will be affordable for residents currently living there. In a time of so much uncertainty, it is especially important that we don't displace our most vulnerable neighbors. Special thanks to Chief of Staff Leslie Perkins for her dedication to this project the Jane Addams Senior Caucus, Council for Jewish Elderly, the Chicago Housing Authority (CHA), and State Representative Kelly Cassidy's office.
Some background on this development:
POAH began talks with the CHA in late 2019 to purchase the property in order to allow for the preservation and long-term affordability of 56 apartments for low-income residents. The acquisition of the property by POAH also includes capital improvement plans for rehabilitation and modernization.
In 2018, the CHA purchased the Levy House from CJE. However, the acquisition by the CHA didn't ensure that all units would be affordable. The CHA planned on absorbing all leases at the Levy House as well as the subsidies for the 20 units that receive the low-income housing trust fund credits. The CHA planned to continue the trust fund credit renewals so tenants currently receiving a subsidy wouldn't be displaced. However, the remaining rents would not be subsidized; they would, rather, remain at their current rate with a 2% annual increase for inflation.
POAH's purchase of this property, however, will mean that the Levy House can become fully subsidized through a variety of low-income credits and project-based vouchers. The acquisition of the Levy House by POAH is expected to be finalized this fall; until then, CJE will remain the owner and operator. Between now and September, POAH will work with the CHA and with the city's Department of Housing to assemble the rest of the financing. POAH will also continue in their due diligence in following through on standard real estate and finance processes.
Our office would like to thank POAH for working so closely with CJE, the CHA, the Jane Addams Senior Caucus, and us to purchase the Levy House.
September 11, 2020
On September 9, 2020, the City Council approved the financing for the sale of the Levy House, 1221 W. Sherwin. This financing was integral for the sale and acquisition of the Levy House to the Preservation of Affordable Housing (POAH). This acquisition assures that 100% of the units at the Levy House will be affordable and no current tenants will have to be displaced.
I would like to thank the Jane Addams Senior Caucus for their tireless advocacy for our neighbors at the Levy House. They were integral to POAH's involvement and making sure that no seniors have to be displaced, which is especially important during the precarious times of the COVID-19 crisis. I would also like to thank the CHA, CJE, and the Department of Housing for working closely with POAH to ensure the sale went smoothly and for helping them assemble the financing to ensure that it will be 100% affordable. Finally, I would like to thank Congresswoman Schakowsky, State Representative Cassidy, and State Senator Steans for their support and advocacy in POAH's acquisition.
This is a huge win for our seniors and for our community! For more information and background on POAH's acquisition of the Levy House, visit the 49th Ward website.
Photo Credit: Block Club Chicago