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Habitat Co. Extends Affordable Housing Program

CHICAGO—The company has set its sights on expanding beyond the urban core, but will also retain leadership of the local affordable housing sector.

By Brian J. Rogal | brianjrogal | | Updated on April 06, 2016

 

chi-AsburyPlaza (2) 20% of the units in this River North tower will stay Section 8 until at least 2031.
CHICAGO—Officials from the Habitat Co. , the US Department of Housing and Urban Development and the Illinois Housing Development Authority , say they have agreed to extend the affordable housing program at Asbury Plaza, a 384-unit apartment community in Chicago’s River North neighborhood, for an additional 15 years to 2031. Since Asbury Plaza opened in 1981, 20% of the community’s 384 residences, or 77 apartments, have been set aside as affordable through HUD’s Section 8 program. “We are proud that Asbury Plaza will continue to be accessible to Chicagoans, regardless of income level,” says Matt Fiascone , president of Chicago-based Habitat. “This agreement is the result of a cooperative effort by Habitat and officials from HUD and IHDA that culminated in a continuation of affordable housing at Asbury for the next 15 years.” Fiascone became president of Habitat in late 2014, and has set a goal of expanding the company’s operations beyond Chicago while retaining its leadership in the local affordable housing sector. The company’s management portfolio comprises more than 25,000 units across the US, of which more than 8,500 are affordable or public housing units. Located at 750 N. Dearborn St., Asbury Plaza includes a mix of convertible, one- and two-bedroom apartments ranging in size from 675 to 1,040 square feet. Habitat has begun implementing extensive renovations that will update individual residences with new flooring, lighting, appliances and granite countertops. The company also recently completed a new lobby and redecorated hallways, expanded fitness center and new business center as part of the ongoing renovations. Other on-site amenities at Asbury Plaza include an outdoor swimming pool and sun deck, furnished guest suites and a 24-hour door attendant. “For 35 years, Asbury Plaza has served as a model of how a mixed-income community can thrive,” says Sheila Byrne , executive vice president of property management at Habitat. “The extension of the affordable housing program, coupled with the ongoing renovations, will help ensure that Asbury Plaza remains a vibrant community for years to come.”

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