NHP Foundation Receives $53M Financing for Renovation of Affordable Housing Property in Chicago
CHICAGO — The NHP Foundation has received $53 million for the renovation of the 90-year-old Mark Twain Hotel, a single-room occupancy property in Chicago that the organization acquired in 2016. Single-room occupancy is a form of housing that is typically aimed at residents with low incomes who rent small, furnished rooms. Upon renovation, the property will include 148 studio apartments and seven retail stores. The $53 million recapitalization was made possible by Bellwether Enterprise, Chicago Community Loan Fund, city of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority and NHP.
The Mark Twain Hotel was originally built in 1932 and was added to the National Register of Historic Places in 2017. Renovation plans call for the addition of private kitchenettes, a new elevator, new plumbing and electrical work, a roof deck, handicap accessibility and restoration of the building’s façade and common areas. Upgrades will also be made to the building’s ground-floor retail space. Upon completion, the residential units will be income-restricted. The development team includes Weese Langley Weese Architects Ltd. and Linn-Mathes Inc. Heartland Housing Property Management is the property manager. Completion is slated for the end of this year.