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Humboldt Park Residence

Experienced Developer Non-Profit Organization

Humboldt Park Residence

DEVELOPER INFO:
Latin United Community Housing Association (LUCHA) advances housing as a human right by empowering communities – particularly the Latino and Spanish-speaking populations, through advocacy, education and affordable development and comprehensive housing services. LUCHA aspires to build empowered, thriving communities and to further access to fair housing. Founded in 1982, LUCHA is both a HUD approved housing counseling agency, as well as a Community Housing Development Organization (CHoDO). Anchored in Humboldt Park, LUCHA was born out of the Puerto Rican community as it organized for equitable housing. As part of its central commitment to racial equity via affordable housing creation and preservation, LUCHA has built and currently manages 198 units of affordable rental housing divided across four developments spanning Humboldt Park, Logan Square, and West Town.

PROJECT INFO:
In 1995, LUCHA completed the first new-construction Single-Room Occupancy building built in Chicago in over 50 years. At that time, Humboldt Park Residence was innovative in its approach to housing homeless and extremely low-income households. This 68-unit building, which serves a vital population of previously homeless and/or extremely low-income individuals, helps fill a critical affordable housing need as the City of Chicago is experiencing the loss of many SRO buildings and as Humboldt Park is experiencing continued gentrification pressure from the east. Prior to the refinance, bathrooms were shared in all but six of the units.

The building was in need extensive rehabilitation, which will result in 65 studio units refitted with private baths, a new roof, energy efficient windows, brick repairs, masonry window sills, kitchen cabinets, appliances, bathrooms, lighting, boilers, sprinkler system, infrastructure for internet and cable TV, updates to the elevator, security, and fire alarm systems and the addition of air conditioning in the units. The ground floor community space and commercial space are 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.

project details

  • Project Site: Humboldt Park Residence
  • Developer: LUCHA
  • Project Address: 1152 N. Christiana, Chicago IL
  • Number of Units: 65
  • Property Type: SRO
  • Closed: Dec. 22, 2020

 

Project Funding Sources:

  • Tax Exempt Bonds
  • 4% LIHTC Equity
  • HOME/CDBG - (HOME from the City of Chicago)
  • State Low-Interest Loan (IHDA Trust Fund at 0% interest)
  • Tax Increment Financing
  • Project Based Vouchers

 

Unique Project Elements:

  • The closing of this project reflects the determination of LUCHA to find a way to reinvest in this property. LUCHA Initially applied to IHDA for financing in 2015, and with LGG’s assistance, submitted a 4% LIHTC application to the City in 2017. The City ultimately approved this project as a TE bond transaction, with 4% LIHTC, new HOME funds, and TIF, while IHDA committed new Trust Fund dollars to the project. After the initial syndicator was unable to close on the transaction due to City EDS requirements, a new investor was identified by LGG and the transaction successfully closed just a few months later.

 

Lightengale’s Role:

  • Strategy
    • LIHTC Application
    • TIF Negotiations
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
  • Due Diligence Coordination
    • Closing Owner Sworn Statement

 

Photo Credit

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CREATIVE APPROACH.
PROVEN RESULTS.


three
Words from our Partners:

Lightengale (LGG) began serving affordable housing developers in 1999. Over the next 23 years, LGG assisted over 150 affordable housing deals (and one radio station) to come to fruition. We are so pleased that we were able to work with so many wonderful developers, both new and experienced, small and large, to help them provide affordable housing and improve their communities.

Over these years, we learned a lot and navigated the company and our clients’ deals through the Great Recession of 2007-2008 and the Covid Pandemic of 2020-2022. Throughout this time, we have had the privilege of working with some of the finest affordable housing specialists – on our staff, our clients, and in the broader community.
Everyone should have a home they can afford and feel safe in. Ideally, amenities are nearby, and the home is energy efficient. We enjoyed working with so many people who shared our vision of universal affordable housing. While we continue to believe strongly in universal affordable housing, we also believe it is now time to have others lead the way and guide deals through the process. We hope the next generation continues to provide more truly affordable housing for more people.

While we are not taking on any new clients or projects and will be closing our doors once we finish our current deals, we want to let you know how much we have enjoyed working with each and every one of you throughout these years.

All the best to each of you-- Maggy, Larry and Virginia
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