CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, a project that involved the redevelopment of Covent Hotel, a single-room occupancy (SRO) property in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property marks NHPF’s second SRO property in Chicago. SRO housing is defined as a residential property that includes multiple single-room dwelling units, according to HUD. Each unit is for occupancy by a single eligible individual.
The total development cost was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development Authority Permanent Supportive Housing Funds and $4.9 million from a HUD/FHA loan. The project also received a $698,910 Affordable Housing Program General Fund grant from FHLBank Chicago.
The Chicago Housing Authority contributed 30 project-based vouchers for the property. In addition to the 30 units, Covent features onsite laundry facilities, a community room and an outdoor space. The property also includes three retail spaces totaling 4,700 square feet. Linn-Mathes was the general contractor, and Weese, Langley, Weese served as architect. R4 Capital was the tax credit investor and Merchants Capital was the lender.