PROJECT SUMMARY:

Drexel Court & Lake Park East is a scattered site project located in the Bronzeville neighborhood of Chicago. The project consists of four buildings located within one mile of each other: 4420 S. Drexel Blvd, 4700 S. Drexel Blvd, 4530 S Drexel Blvd, and 4725 S. Ingleside Ave. The buildings are 3 and 4 story walk ups originally built between 1911 and 1929. The Drexel Boulevard buildings are located in the Chicago Park Boulevard System Historic District. The development has 2 retail units, one management unit, and 154 residential units covered under HUD Project based Section 8 Housing Assistance Payment (“HAP”) contracts. The units are also subject to LIHTC 60% area median income rent and income restrictions.

FINANCING AND SUBSIDY:

The acquisition and renovation of Drexel Court and Lake Park East was financed with fund equity, 4% low-income housing tax credits and tax-exempt bonds through the Illinois Housing Development Agency (IHDA). HVPG secured a new 20-year term HAP contract with HUD as well as a new 30-year tax credit regulatory agreement to preserve long-term affordability.  This project is representative of a ~$59M investment in Chicago’s affordable housing supply.

RESULTS:

• Affordability of low-income and workforce housing supply preserved for decades to come
• Renovation prioritizing building modernization, energy efficiency upgrades and resident quality of life improvements
• No displacement of residents

SCOPE OF WORK:

SITE WORK

• New bike racks, community garden, playground, furniture for picnic areas, and site signage
• 100+ security cameras with access controls tied to 24/7 surveillance and investigation teams
• Asphalt and concrete repairs, painting perimeter fencing
• Provide accessible routes

BUILDING

• Masonry restoration
• Repair and replace rear porch staircases
• Replace existing flat roofs with new energy efficient EPDM and including new skylights
• Upgrade existing storefront entrances
• Replace hot water heaters, furnaces, sump pumps, and bathroom heaters

UNITS

• New bathroom accessories, vanities, medicine cabinets, and water efficient fixtures and toilets
• Energy saving LED light fixtures throughout
• New kitchen cabinets, countertops, sinks, and appliances
• New flooring, paint, and door hardware
• Installation of “smart” thermostats and new smoke/CO2 detectors
• Provide UFAS and HVI units

COMMON AREAS

• Energy saving LED lighting in common areas/corridors
• Community room renovation and new business center
• Laundry room renovations at each property
• Restore mosaic tile at entry ways