HARVEY, Ill. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the financing and preservation of Jesse Jackson Jr. Senior Housing, a 120-unit affordable housing property in Harvey, a suburb south of Chicago.
The borrower is Preservation of Affordable Housing (POAH). Brian Blanchard and James Grande of Berkadia Affordable Housing led the transaction.
Jesse Jackson Jr. Senior Housing consists of two three-story, elevator-serviced buildings that were originally constructed in 2007 (Phase II) and 2011 (Phase III). Units are reserved for seniors age 62 and above, with 114 of the units set aside for persons whose income is at or below 50 percent of the area median income (AMI). The remaining six units will be set aside for persons with disabilities whose income is at or below 30 percent AMI as part of IHDA’s Statewide Referral Network (SRN) program.
The transaction will fund a renovation project that will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers and new paint in all residential units. To enhance energy efficiency, the renovation will include the installation of solar panels and will receive Renewable Energy Investment Tax Credits.