Developer: Preservation of Affordable Housing
A developer in Woodlawn is working for transformation— transformation of a housing development, a block, a neighborhood and a community.
The Preservation Compact brings together the region’s public, private and nonprofit leaders to address the loss of affordable rental housing stock in Cook County.
02 | CCLF Annual Report
Preservation of Affordable Housing (POAH) is a development company that has taken on the task of redeveloping the aging Grove Parc Plaza, a 504-unit apartment complex in Woodlawn that residents and the surrounding community agree is ready for transformation. A primary goal of POAH’s redevelopment plan is to preserve the existing Section 8 subsidies—both in the new, renamed Woodlawn Park and in the surrounding community. “Over 300,000 units of housing have been lost in the last 5 years due to termination of projectbased Section 8 contracts—we’re committed to helping residents stay in their community,” says Dan Burke, Chicago POAH Director.
CCLF provided a $750,000 predevelopment loan to POAH as a part of our participation in the Cook County Preservation Compact Gateway Fund. CCLF’s predevelopment lending covers critical early-stage costs and gives projects the stability they need to attract the additional layers of financing that help community development projects succeed. The plans for the $135 million development of Woodlawn Park include a comprehensive redevelopment that will provide improved transportation and pedestrian access, two major anchor retail stores and other commercial development, mixed-income housing and community amenities. Burke believes that POAH’s Woodlawn Park can be a key element in creating an overall revitalization of the Woodlawn community, giving the leg up that they need to funnel more investment into the community: “POAH expects the project to stimulate broader reinvestment and development in Woodlawn, bringing broad renewal to the community.”