The Mark Twain Permanent Supportive Housing/Affordable Living in Downtown Chicago, Illinois Built in 1932, The Mark Twain is located at the newly renovated CTA Red Line Clark/Division Station. Both are located in Chicago’s Historic Gold Coast neighborhood. Nearby to transportation, restaurants and more, the Mark Twain Hotel offers a convenient place to live in a thriving neighborhood served with 24 hour access to public transit.
This historic five-story, elevator building functioned as an SRO (single resident occupancy) hotel. Preserved in accordance with Chicago’s SRO Preservation Ordinance, which passed in November 2014, The Mark Twain is NHPF’s first SRO property in Chicago. It contains 148 SRO units with private bathrooms. This property also includes a resident lobby and enhanced private service area for on-site clinical case management, a parlor for community activities, a laundry room for residents’ use and 4 public serving retail spaces on the ground floor, The rehabilitation of the historic Mark Twain hotel in Chicago was a landmark achievement for NHPF. With work beginning in 2018, this substantial renovation of a historically significant property transformed the building from a significant but aged affordable housing resource into a modern, desirable SRO property in the heart of Chicago’s Gold Coast neighborhood. All units were converted into true studio apartments with the addition of full kitchens. Other upgrades included façade preservation, new windows, a new HVAC system, updated electrical and plumbing fixtures, and updated bathrooms. Common areas were also historically restored and a new outdoor roof deck added for residents’ use. Construction was completed in 2020 with a total development cost of $54.3M which included participation from City of Chicago $5M, $17.6M LIHTC and Historic Tax Credit Equity from Enterprise Community Investment, a $27.3M FHA 220 Loan provided by Bellwether Enterprise, a Sponsor Loan and financing of $4M and a small Affordable Housing Energy Grant from ComEd.
Hotel Covent Permanent Supportive Housing in Lincoln Park Chicago, Illinois Constructed in 1906 and originally attached to a 2000+ seat historic theatre, The Covent is located in the Lincoln Park neighborhood of Chicago. The three-story property functioned as an SRO. In the Fall of 2023, The NHP Foundation completed a substantial rehabilitation of The Covent Apartments. Construction at the property has produced 30 new apartments with bathrooms and
kitchens creating contemporary studio apartments for residents. The Covent’s conversion from Single Room Occupancy (SRO) hotel to a modern studio apartment building also brings residents more services in partnership with Renaissance Social Services, Inc. who brings clinical case management on-site; all while preserving Covent’s affordability for Lincoln Park residents. The investment is NHPF’s second SRO deal in Chicago, with a total development cost of $21.6M, which includes $7.9M in federal Low Income Housing Tax Credits (LIHTC) and Historic Tax Credits, $5M of City Home and Affordable Housing Opportunity Funds, $3.1M in IHDA Permanent Supportive Housing Funds and $4.9M of a HUD/FHA 220 loan and a small Affordable Housing Energy Grant from ComEd.
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NHPF BUILDS CHICAGO
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