The Michaels Organization's transformation of a historic hotel on Chicago's Near North Side into permanent housing for households with low incomes honored by the Affordable Housing Tax Credit Coalition.
CHICAGO, June 17, 2019 (Newswire.com) - The Carling, a unique preservation effort led by The Michaels Organization in the city of Chicago, has been honored with a 2019 Charles L. Edson Tax Credit Award. The national award, bestowed by the Affordable Housing Tax Credit Coalition, recognizes excellence in the affordable housing industry and organizations that have demonstrated especially impactful use of the Low Income Housing Tax Credit (LIHTC).
Announced each year at an event on Capitol Hill that unites members of Congress, business and housing leaders, the award honors Housing Credit developments that are strengthening communities, improving health, and boosting economies in urban, suburban, and rural areas across the country.
"This year's Edson Award recipients are among the most innovative developers, investors, builders, and facilitators of low-income housing developments nationwide," said Michael Gaber, president of the Affordable Housing Tax Credit Coalition. "It is important to recognize their commitment and achievements at a time when the need for affordable housing is reaching crisis levels."
Michaels preserved The Carling Hotel, which for years had been providing affordable housing as a single room occupancy (SRO) property. The first SRO to be converted to permanent affordable housing under the city of Chicago's Single Room Occupancy Preservation Ordinance, The Carling provides a blueprint for the city's efforts to preserve its most historical buildings while increasing the stock of high-quality affordable housing.
Michaels transformed the units into affordable studio apartments through a $27 million gut rehabilitation. The Carling is specifically designed to meet the local neighborhood's needs providing highly demanded affordable housing in an area with skyrocketing rents, while preserving a culturally significant historical landmark.
Of the 80 apartments, eight are reserved for public housing residents; 31 units are affordable for residents earning up to 50 percent of area median income (AMI); 36 units are affordable for incomes up to 60 percent of AMI; and five units are affordable for incomes up to 80 percent of AMI. On-site amenities include laundry facilities, on-site property management and support services, including job and mental health counseling to enable residents to live as independently as possible.
Property management services are provided by Michaels Management, and social services are provided by the nonprofit organization, Better Tomorrows. Riverside Capital syndicated the tax credits.
Since 1986, the Low Income Housing Tax Credit Program has financed more than 3 million homes for low and moderate income households, including veterans, senior citizens, disabled individuals, and families with children. Through public-private partnerships, the housing credit offers a proven track record of financing safe, decent, and affordable homes in communities where they are needed most.
"Communities across the country continue to count on the work of organizations like our 2019 Edson Award winners to create affordable homes," said Affordable Housing Tax Credit Coalition Executive Director Emily Cadik. "Affordable housing is needed in every part of the country."
About The Michaels Organization: Michaels is a national leader in residential real estate offering full-service capabilities in development, property management, construction and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting solutions that jumpstart housing, education, civic engagement and neighborhood prosperity, and to creating Communities That Lift Lives.
Source: The Michaels Organization