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Investor buys affordable housing site next to Obama Center

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A New York City-based investor with a growing affordable housing portfolio has purchased another property in Chicago. This time it was across from the future President Obama Center in Jackson Park on the South Side.

Jonathan Rose Cos., in partnership with the Preservation of Affordable Housing, paid $25 million for the 318-unit Jackson Park Terrace at 6040 South Harper Avenue. Company officials said they plan to save the building as affordable housing and spend about $4 million to upgrade it. With its plumbing, electrical and mechanical systems, POAH creates new health services and youth programs.

This should be good news for the surrounding Woodlawn and South Shore communities. The Obama Center, whose builders broke ground last September, inflate local housing costs drive out the working-class population.

“We feel it is both an obligation and a privilege to maintain this historic development,” Nathan Taft, partner at Jonathan Rhodes, said in a statement. It’s perhaps ironic that it was created to provide affordable housing that is not offered by .What we need now is to protect this valuable asset from market pressures.”

Jackson Park Terrace was developed in 1973 by the Woodlawn Community Development Corporation, a non-profit organization founded by the Reverend Leon Finney, Jr., longtime director of the Woodlawn Organization. The nonprofit ran into trouble and filed for bankruptcy in 2018, after which many of its assets were put up for auction. Finney passed away in 2020.

But Taft said Jonathan Rhodes has the financial burden of maintaining an affordable residential property for many years, with the Chicago market being the main focus. The company used his $525 million Rose Affordable Housing Preservation Fund V to complete the purchase of Jackson Park Terrace. Bought Inglewood Gardensa portfolio of 13 multifamily homes in the Englewood neighborhood, and Archer Court, a 146-unit community in Chinatown.

POAH has also been very active in the South Side affordable housing market, preserving or developing over 1,000 Woodlawn units over the past decade.

“Growing up, living on the South Side of Chicago, and representing the South Side of Chicago, there were few people willing to provide the investment in housing, shops and jobs that all communities and people need. We have seen both good times and hard times, including difficult days Aldo, District 5. Leslie Hairston said in a statement: “Purchasing Jackson Park Terrace will ensure long-term affordability and further investment. is satisfying and we hope it will serve as a model for others who gravitate toward Woodlawn during this renewal.”

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