From the Chicago Housing Authority's press release:
The Chicago Housing Authority has partnered with Jonathan Rose Companies to preserve affordable housing at the Barbara Jean Wright Court Apartments, a 272-unit development located on Chicago’s Near West Side. Rose’s preservation acquisition will secure affordable housing in a quickly gentrifying community. The purchase of the property closed last month.
CHA will administer 164 tenant protection vouchers that were provided by the U.S. Department of Housing and Urban Development (HUD). Eighty-two of those vouchers will be converted to a long-term Project Based Voucher (PBV) contract. There are an additional 108 units that receive rental assistance through a HUD-administered long-term contract.
CHA’s financial support will provide more than $32 million in rental assistance to residents during the 15-year PBV contract. This project highlights the range of CHA’s investment in housing and communities over the past several years, which includes new buildings like the Lucy Gonzalez Parsons development in Logan Square as well as preservation projects such as Mattie Butler Apartments in Woodlawn.
“It’s important that CHA not only focus on building new housing, but also preserving affordable housing stock that’s already here,” CHA CEO Tracey Scott said. “CHA is actively looking for innovative partnerships that allow families to stay in the communities they love.”