Lafayette Terrace Apartments
Originally built in 1983, Lafayette Terrace Apartments is a stable and high quality property in the Englewood / Grand Crossing neighborhood, consisting of a 52-unit elderly midrise apartment building and 42 family duplex townhomes scattered among 7 wood frame buildings.Lafayette Terrace Apartments was in great need of a modernization and rehabilitation when POAH acquired it.
POAH is putting Lafayette Terrace Apartments on solid footing for the next 30 years through its recapitalization and modernization. The midrise consists of 40 one bedroom and 12 two bedroom units, all occupied by seniors and persons with disabilities. The townhomes have an equal mix of two and three bedroom units. Located steps from the 69th Street Red Line El Station, and immediately off the Dan Ryan Expressway, Lafayette Terrace Apartments has excellent transit access.
Lafayette Terrace will be recapitalized to ensure its long-term affordability using a $6.9M 221(d)4 first mortgage from HUD. POAH also financed the 2015-16 renovation with $5M in LIHTC equity and $1.7M in soft funds from the Illinois Housing Development Authority.
The property has a resident services coordinator on staff and offers many social activities in the community room. Lafayette Terrace is the latest phase of acquisition and rehab work for POAH Chicago, which has led the revitalization of the 504-unit Grove Parc Plaza, now Woodlawn Park, located two miles away from Lafayette, in the neighborhood of Woodlawn.
- US Department of Housing and Urban Development (HUD)
- Illinois Housing Development Authority (IHDA)
- Red Capital Group
- City Real Estate Advisors (CREA)
- Low-Income Investment Fund (LIIF)
- Local Initiative Support Corporation (LISC)