The NHP Foundation (NHPF) on Thursday, Nov. 16th celebrated the re-opening of the Covent Apartments, 30 affordable studio apartments developed from the Covent Hotel, an SRO in the Lincoln Park section of Chicago in a Ribbon-Cutting ceremony. The investment is NHPF’s second SRO deal in Chicago, with a total development cost of $21.6M, which includes $7.9M in federal Low Income Housing Tax Credits (LIHTC) and Historic Tax Credits, $5M of City Home and Affordable Housing Opportunity Funds, $3.1M in IHDA Permanent Supportive Housing Funds and $4.9M of a HUD/FHA 220 loan. The project also received a $698,910 Affordable Housing Program (“AHP”) General Fund grant from FHLBank Chicago about which Katie Naftzger, Community Investment Officer, FHLBank Chicago said, “AHP subsidies provide support for affordable housing in partnership with our member institutions, community organizations, developers, public housing authorities, and tribal governments. The Bank understands the challenges associated with affordable housing and supports organizations like NHPF that provide permanent supportive housing to residents who have experienced homelessness and may be living with a disability. We are proud to congratulate NHPF on their award and their dedication to improving the communities of Chicago.” The development also features three retail spaces comprising 4,700 square feet.

Photo Caption: Alderman Knudsen and from left, Jim Cunningham,Deputy Regional Administrator Multifamily Midwest, HUD, Cary Steinbuck Deputy Chief, HCV Administrtion, CHA and Kristin Faust, Executive Director, IHDA Photo Credit: NHP Foundation