CHA, The Michaels Organization Celebrate Grand Re-Opening of Albany Terrace Apartments
The Chicago Housing Authority, The Michaels Organization, and the U.S. Department of Housing and Urban Development (HUD) recently commemorated the official grand re-opening of Albany Terrace Apartments, a 17-story high-rise community serving seniors with low and moderate incomes that recently underwent an extensive $93 million rehabilitation.
CHA’s Commitment to Safe and Modern Housing
CHA Interim CEO Angela Hurlock emphasized the importance of providing safe and modern housing for seniors, stating, “CHA has an obligation to all residents to ensure that they are living in safe and modern homes. This obligation is especially profound when we talk about our senior residents, who deserve to live in dignity and comfort.”
Major Upgrades and Amenities
The rehabilitation of Albany Terrace included major upgrades to individual apartments and community spaces. Each apartment received new flooring, painting, LED lighting, upgraded kitchens and baths, as well as HVAC upgrades, including central air conditioning, and new electrical and plumbing replacements. The community also features an on-site management office, a fitness center, a package room, a health and wellness center, a first-floor laundry facility, and a community room. A third elevator was added to accommodate the building’s 350 apartments.
Exterior Renovations
Exterior renovations included masonry repairs, walking paths, parking lot improvements, and more.
Partnership and Financing
The rehabilitation of Albany Terrace was financed through the U.S. Department of Housing and Urban Development’s (HUD’s) RAD program and support from the City of Chicago and the Chicago Housing Authority. US Bank was the project’s construction lender and tax-credit investor. A joint venture between Skender Construction and Blackwood Group led the rehabilitation efforts. Canopy Architecture + Design served as the project’s architect.
Future Plans
This project follows the recently completed $45 million renovation of Irene McCoy Gaines Senior Apartments, a 150-unit CHA senior property in East Garfield Park. The Michaels Organization will continue to provide property management services for both Albany Terrace and Irene McCoy Gaines Apartments, ensuring high-quality and long-term affordable housing for Chicago seniors.
Conclusion
The grand re-opening of Albany Terrace Apartments marks a significant milestone in providing safe and modern housing for seniors in Chicago. This project demonstrates the commitment of CHA, The Michaels Organization, and HUD to improving the lives of low- and moderate-income seniors.
FAQs
* What is the RAD program?
+ The RAD program is a U.S. Department of Housing and Urban Development (HUD) program that provides financing for the rehabilitation of existing affordable housing properties.
* What is the purpose of the renovation?
+ The purpose of the renovation is to provide safe and modern housing for seniors with low and moderate incomes.
* Who will manage the properties?
+ The Michaels Organization will provide property management services for both Albany Terrace and Irene McCoy Gaines Apartments.
