Associated Bank Provides $9.4M in Tax Credit Equity for Rehabilitation of Two Chicago Apartment Buildings
CHICAGO — Associated Bank has provided an equity investment totaling $9.4 million of low-income housing tax credits and federal historic tax credits for the rehabilitation of Major Jenkins Apartments in Chicago’s Uptown neighborhood. The two apartment buildings, originally constructed in 1928, are connected and each rise four stories. Upon completion of the renovations, there will be 156 units designated for individuals who are homeless, at risk of homelessness, physically disabled or have chronic or mental illnesses. The units will be further broken down by resident income. There will be 40 units designated for residents earning up to 30 percent of the area median income (AMI), 54 units for those earning up to 50 percent of AMI and 62 units for those earning up to 60 percent of AMI. Completion is slated for the first quarter of 2022. Teresa Rubio of Associated Community Development LLC managed the equity investment on behalf of the borrower, nonprofit developer Mercy Housing Lakefront. Associated Bank partnered with RBC Community Investments for the financing.