NHPF Transaction Press Release Archive

ACQUISITION / PRESERVATION Edwin Berry Manor Apartments to Be Preserved as Affordable Housing in Chicago’s Up-And-Coming Woodlawn Neighborhood The NHP Foundation Acquired the Senior Property in the Same Area that will Serve as Home to the Obama Library

November 19, 2019, New York, NY—– In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation (“NHPF”) has acquired the Edwin C. Berry Manor Apartments, a senior, Section 8 property located at 737 E. 69th St. in Chicago. The acquisition was made possible by a financial partnership with Low Income Investment Fund (LIIF). The NHP Foundation will preserve and maintain the 57-unit affordable property built in 1991, making it the fourth property the organization has acquired or built in Chicago in the last five years and the first specifically for seniors. “According to a recent report by the Joint Center for Housing Studies of Harvard University, 37 percent of Chicago households age 65 to 79—or about 220,000--are cost-burdened, compared with 30.8 percent for the nation overall,” said Dick Burns, President and CEO of NHPF. “The acquisition and preservation of Berry Manor represents an opportunity to provide older Chicagoans in need with critical housing and a better quality of life.” Operation Pathways, the Resident Services affiliate of NHPF, will provide onsite services. Edwin C. Berry Manor Apartments is well-located in an up-and- coming neighborhood that is brimming with new investment, due in part to future construction of the Obama Library. Added Mecky Adnani, project lead and Senior Vice President, NHPF, “Building our affordable housing portfolio in Chicago, including this presence in the growing neighborhood of Woodlawn, is part of a strategic effort

to leverage our know-how and that of our great partners to increase the availability of rental units for low to middle income residents.” Financing from the Low Income Investment Fund (LIIF) made the acquisition possible. “The preservation of Edwin C. Berry Manor Apartments represents the best of what private/public partnerships can produce in Chicago,” said Holly Denniston-Chase, LIIF’s Deputy Director of the Mid-Atlantic Region. “NHPF, a long- time LIIF borrower, will ensure that this property remains quality affordable housing dedicated to seniors at this location for the long term.”

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