Hyde Park Herald story
Two national investors in affordable housing have teamed up to purchase Jackson Park Terrace, a large apartment complex across the street from the Obama Presidential Center, pledging to maintain its affordability until 2056.
The nonprofit Preservation of Affordable Housing (POAH), in a partnership with the for-profit mixed-income developer Jonathan Rose Companies, announced last Thursday, Aug. 4 that they have bought the 318-unit Woodlawn housing complex, 6040 S. Harper Ave., and begun improving long-neglected tenant services and renovations.
“It was really critical for the affordable housing market and community in Woodlawn that this property ended up with owners that wanted to preserve its affordability,” said POAH Midwest Senior Vice President Bill Eager. “Particularly in a location like this, where right now, there were other (developers) who have incentives to not keep it affordable long term.”