NHPF CASE STUDY
The Covent Apartments / Chicago, IL
PROJECT OVERVIEW The Covent Apartments is a thoughtfully restored permanent supportive housing development in Chicago’s Lincoln Park neighborhood, providing 30 high-quality, fully modernized studio apartments for extremely low-income individuals at risk of homelessness. Originally constructed in 1906 as a Single Room Occupancy (SRO) hotel, The Covent underwent a comprehensive gut rehabilitation, converting a 64-room lodging house into contemporary, self-sufficient apartments complete with kitchens and bathrooms. The redevelopment of The Covent Apartments was essential in preserving one of the last remaining affordable housing options in Lincoln Park, a rapidly gentrifying community where fewer than 10% of residents live in poverty. In a neighborhood with increasing luxury developments and limited rental options for low-income individuals, The Covent ensures long-term affordability while also providing on-site case management and support services through Renaissance Social Services, Inc. The rehabilitation of The Covent Apartments was made possible through a combination of public and private funding sources, including Merchants Capital, 9% Low Income Housing Tax Credit (LIHTC) equity, Federal Historic Tax Credit equity, City of Chicago HOME and Affordable Housing Opportunity Funds, and Illinois Housing Development Authority (IHDA) Permanent Supportive Housing Funds. Additional investment was made by FHLB Chicago and ComEd energy efficiency grants. The project was further supported by Community Investment Corporation (CIC) and Chicago Community Loan Fund (CCLF), whose acquisition financing and extended loan terms were instrumental in making the recapitalization possible. Additionally, the Chicago Housing Authority (CHA) committed 30 project-based vouchers providing rental assistance over 30 years,
TYPE Permanent Supportive Housing, Rehabilitation, Affordable Housing CLIENT The NHP Foundation ROLE Developer, Owner DEVELOPMENT COST $21.83M DEVELOPMENT MIX • 30 Permanent Supportive Housing Units • On-Site Resident Services Provided by Operation Pathways • On-Site Clinical Case Management Services Provided by Renaissance Social Services, Inc. • Historic Preservation of a Landmark Building START TO COMPLETION 2016–2023
NHPF CASE STUDY
The Covent Apartments / Chicago, IL
RESIDENT VOICES Interaction with service providers has opened the door to many opportunities for residents to get to know each other better and spend time enjoying everything from computer learning to the beautiful outdoor patio. Residents often speak of the comfort and security their new apartments provide them.
as part of the Homeless Housing Expansion Initiative, ensuring long-term affordability and financial stability for residents. By working within the framework of the City’s SRO Preservation Ordinance, collaborating with local stakeholders, and leveraging multiple funding sources, The Covent provides a sustainable, long- term housing solution that maintains Lincoln Park’s diversity and inclusivity. The project exemplifies how historic preservation and modern affordable housing can coexist, serving as a critical safety net for those at risk of homelessness while enhancing the overall community.
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