Drexel Court & Lake Park East
Chicago, Illinois

HUD Project Based Section 8, LIHTC
156 Units


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.


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.


  • 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



  • 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


  • 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


  • 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


  • 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
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