Humboldt Park Residence Closing!
Congratulations are in order to LUCHA! On December 21st, this last year Humboldt Park Residences financing closed! The preservation of SRO in gentrifying neighborhoods is a highlight of this development; perseverance and determination from LUCHA for a project that first applied to the city in 2017.
When HPR was built in 1995 by LUCHA, it was the first new SRO in Chicago in approx. 40 years. This project will house 65 SRO units for people who were previously homeless and/or extremely low-income individuals. All below 50% AMI; many serve lower income individuals (30% AMI or below) through Chicago Low Income Housing Trust Fund or IHDA 811.
Built in 1995, this building serves a vital population of previously homeless and/or extremely low-income individuals. This building helps fill a critical affordable housing need as the City of Chicago is experiencing the loss of many SRO buildings and Humboldt Park is experiencing continued gentrification pressure from the east.
This building is located in West Humboldt Park, near many amenities and services, including the park and ample public transportation routes. It is 1 mile from the 6061 mile from the 606. The rehabilitation of this building will result in the preservation of 65 studio units with private baths (down from 68 units with shared baths). The ground floor community space and commercial space will be reconfigured to provide upgraded and expanded common space. The building is located near many amenities and services, including Humboldt Park and ample public transportation routes. It is 1 mile from the 606 trail.
Thank you to all those who were part of this development!
About Lightengale Group
Lightengale Group (LGG) is an affordable housing real estate financial advisory firm offering services to experienced and non-experienced developers nationally. LGG provides strategic & financial planning for developers by tracking evolving government regulations and funding requirements. With over 100 years combined experience and more than 4,000 units completed, LGG is the industry’s preferred advisory leader.