Associated Bank Secures $20M Construction Financing for Affordable Housing Renovation Project in Chicago

CHICAGO — Associated Bank has secured a $7 million construction loan and $13 million in low-income housing tax credit equity for the acquisition and rehabilitation of the Johnson Butler-Lindon Apartments in Chicago’s Woodlawn neighborhood. The Illinois Housing Development Authority issued the tax credits for the project. Associated Bank partnered with Boston Capital to provide the equity portion. Preservation of Affordable Housing will complete the renovation in partnership with Powers and Sons Construction Co. and Johnson & Lee Architects Ltd. Built in the late 1920s, the buildings are located two-tenths of a mile from each other and total 106 units. Units and common areas will be modernized. Completion of the renovation project is slated for the second quarter of 2020. The units will be restricted to households earning 30, 50 or 60 percent of the area median income. Krista Casper of Associated Bank handled the loan arrangements and closing, while Teresa Rubio managed the equity investment.