CHICAGO – November 10, 2020 – Associated Bank provided an equity investment totaling $9,450,000 of Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (HTC) for the rehabilitation of two historic apartment buildings at 5012 North Winthrop, Chicago. Mercy Housing Lakefront is the project developer for the renovation of the Major Jenkins Apartments, an existing property consisting of two connected, four-story elevator buildings originally built in 1928. Associated Bank partnered with RBC Community Investments to provide the equity investment.
The Major Jenkins Apartments are located in the Uptown neighborhood, a densely populated residential neighborhood less than 10 miles from downtown Chicago. Two major commercial corridors provide convenient access to grocery stores, restaurants, services and entertainment. The project is within walking distance of public transportation.
Having previously operated as a hotel, Major Jenkins Apartments were rehabbed in the early 1990s. Upon completion of the current renovations, there will be 156 units designated for individuals who are homeless, at risk of homelessness, physically disabled, or who may have chronic or mental illnesses. Of those, 40 units will be limited to tenants earning up to 30 percent of area median income (AMI), 54 for those earning up to 50 percent of AMI, and 62 for those earning up to 60 percent of AMI. Mercy Housing Lakefront will oversee supportive services for residents.
“We are delighted that Associated Bank is our newest capital investor and excited to partner with them on the rehabilitation of the Major Jenkins Apartments,” said Mark Angelini, president of Mercy Housing Lakefront. “The property is located in a diverse, vibrant neighborhood, and this project will ensure that permanent supportive housing continues to be available to residents in the community for years to come. In doing so, we’re ensuring that those who have experienced significant barriers in life have a springboard to achieve better health, economic security and a brighter future. We are looking forward to beginning the renovations and to the many ways the project will enhance the quality of life for residents once completed.”
Plans call for upgrades to mechanical systems, including central heating and air conditioning, as well as structural repairs to both buildings. All units will include a full kitchen with a new refrigerator and range oven. Plumbing fixtures, flooring and paint will be updated, and units that currently share bathrooms will be reconfigured to private ones. Each unit will have internet and cable compatibility and will be furnished with a bed, table and chair. Community amenities will include an on-site management office and security desk, a community room, fitness room, computer room and bike storage. The renovation is scheduled for completion in the first quarter of 2022.
Founded in 1986, Mercy Housing Lakefront is the largest nonprofit provider of service-enriched housing in the Great Lakes region. The organization owns and operates 52 properties with more than 5,500 units serving more than 8,000 residents in Illinois, Indiana and Wisconsin and is committed to changing lives and revitalizing neighborhoods by providing safe, quality, affordable housing and supportive social services.
Teresa Rubio, senior vice president for Associated Community Development, LLC, the bank’s community development corporation, managed the equity investment.
Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
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ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 240 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.