Congressman Davis, Alderman Burnett Celebrate Evergreen Towers 1 Grand Opening

Posted on: October 28th, 2014 by

On October 27, 2014 elected officials and development partners met to celebrate the Grand Re-Opening of Evergreen Towers 1.

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IHDA Executive Director Mary Kenney, Alderman Walter Burnett Jr., UP Development’s Cullen Davis, and Congressman Danny Davis cut the Grand Re-Opening ribbon.

Alderman Walter Burnett, IHDA Executive Director Mary Kenney, and Congressman Danny Davis Celebrate with UP Development's Cullen Davis, Johana Casanova, and Katie Kreifels.

Alderman Walter Burnett, IHDA Executive Director Mary Kenney, and Congressman Danny Davis celebrate with UP Development’s Cullen Davis, Johana Casanova, and Katie Kreifels.

Rooftop solar panels, part of the rehabilitation and modernization of Evergreen Towers 1.

Rooftop solar panels, part of the rehabilitation and modernization of Evergreen Towers 1.

CHICAGO – Congressman Danny K. Davis, Alderman Walter Burnett, and partners involved in the development of Evergreen Towers I joined residents today in a celebration of the grand opening of the 100-unit apartment building serving seniors and people with disabilities who make up to 60% of area median income, or roughly $30,000 per year.

In partnership with Near North Development Corporation and Voice of the People, Daveri Development Group restructured the financing and rehabilitated the development to preserve the apartments as affordable for years to come. Residents receive services, including recreational activities and events, independent living and health education workshops, and referrals to medical and other service providers through Near North Development Corporation.

“Evergreen Towers I is an important asset for the Near North and Old Town areas of Chicago, providing affordable housing and services for our seniors and people with disabilities,” said Johana V. Casanova, Vice President of Development, Daveri Development Group, LLC. “This development was made possible by the tremendous support of our partners and the community, and we thank them as we celebrate together today.”

The scope of work on the property at 1333 N. Cleveland Avenue, which is close to retail stores, a pharmacy, grocery store, and public transportation, included rehabilitation of apartment interiors, new Energy Star appliances, cabinetry and plumbing fixtures. A solar thermal system for hot water, high-efficiency lighting in common areas and a photovoltaic system on the roof were also installed. Building amenities include a community room, kitchen, conference and computer center, library, laundry room, media room, service coordinator and property management offices, outdoor patio and controlled main entry system.

More than $20 million in financing for Evergreen Towers I was provided through the Illinois Housing Development Authority (IHDA) using the following resources: Illinois’ Preservation Now program, which preserves project-based rental subsidies by supporting the acquisition and rehabilitation of properties by owners agreeing to extend rental subsidy contracts; Low Income Housing Tax Credit (Housing Credit) equity syndicated by Enterprise Community Investment, Inc. (the Housing Credit is America’s main tool for creating and preserving affordable housing); tax-exempt bonds collateralized by an IHDA Risk Share loan and; HOME funds.

“Governor Quinn’s commitment to Evergreen Towers I through Preservation Now safeguards the affordability of this development for an additional 20 years,” said IHDA Executive Director Mary Kenney. “Evergreen Towers I will provide dozens of seniors and people living with disabilities on a limited budget quality, affordable, barrier-free housing opportunities in Cook County.”

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Daveri Development Group, LLC is an expert in developing and operating affordable housing: our team expertise extends beyond development and finance to include engineering, property operations, asset management, and tax credit compliance. Our vision is to enhance and revitalize affordable housing in the Midwest. Our team works with local leaders and community not-for-profit organizations to see projects from concept to groundbreaking and ultimately, long term stable operations. We bring to the table experience and the financial capacity to enable not-for-profit social service agencies and community builders to experience growth that would otherwise be unattainable. We believe that high quality affordable housing is not a luxury or privilege, but a basic right. We are committed to creating housing for the low income, disabled, homeless and struggling families. For more information about Principal Cullen Davis’ other projects, go to www.cjdprojects.com.

Near North Development Corporation was founded in 1967 by a group of longtime residents of the River North community who were deeply concerned about the deteriorating conditions of affordable housing in the area. They wanted to ensure that there were quality housing options for low income minority residents of the community and to generally improve the quality of their lives. Since 1967, NNDC has successfully completed 4 projects providing 369 units of affordable housing to members of the community.

About the Illinois Housing Development Authority (IHDA): IHDA is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Since its creation in 1967, IHDA has allocated more than $11.1 billion and financed approximately 221,000 affordable units across the state. IHDA accomplishes its mission through a number of federal and state funding sources. IHDA is also a bonding authority, and independently sells bonds, based on its own good credit, to finance affordable housing in Illinois. For more information go to www.ihda.org.

Enterprise Community Investment works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 320,000 homes, invested $16 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com or www.EnterpriseCommunity.org.

For 40 years, Voice of the People has worked for and with low-income individuals and families in Uptown to create quality affordable housing, to protest displacement of families by higher priced housing, and to speak out for improved community services.

For more information, visit here