Evergreen Pours Capital into N. Side Affordable Housing

A 45-unit building at 1420 W. Farwell Ave.

CHICAGO— Evergreen Real Estate Group, a Chicago-based firm that develops and manages both affordable and market-rate multifamily apartments, recently acquired a pair of affordable senior housing communities in Chicago’s Rogers Park neighborhood. Over the next 12 months, Evergreen plans to renovate both properties – a 45-unit building at 1420 W. Farwell Ave. and 40-unit building at 1345 W. Jarvis Ave. Evergreen also secured a 20-year extension of the properties’ Section 8 Housing Assistance Payment contract, maintaining the affordability of the residences through 2036. Company officials say the total cost of acquiring and renovating the properties is $13.3 million. “Chicago, like many cities across the country, is in the middle of an affordable housing crisis, so the preservation of the city’s existing affordable housing stock – particularly communities dedicated to seniors – is more vital than ever,” says Steve Rappin ,  president of Chicago-based Evergreen, which will manage both properties. “The extension of the Section 8 program at each community will allow current residents to remain in their homes and give Chicago seniors a viable housing option as rents in the city continue to climb.”   As part of its renovation, Evergreen will make extensive structural and mechanical improvements to the buildings, including updated plumbing and electrical systems. In addition, common areas and corridors will be renovated, and units will receive updates to increase livability. “Both buildings were constructed over 80 years ago and have not been significantly updated since,” says Rappin. “It’s our goal to modernize each community in a way that facilitates independent living and fosters a strong sense of community among the seniors who call these buildings home.”