Block Club Chicago | "In Push To Preserve Affordable Housing In Albany Park, Developer Aims To Buy Up 250 Apartments"
ALBANY PARK — As Albany Park rents continue to rise, a Northbrook-based affordable housing developer is making plans to preserve hundreds of affordable units in the neighborhood.
Under a $57 million plan announced this week, developer Celadon Holdingsaims to buy up and renovate 250 units in Albany Park — and then maintain them as longterm affordable apartments. The developer is receiving a mix of tax-increment financing (TIF) funds, tax credits and additional financing to make the plan happen, said Scott Henry, Celadon principal.
“If it wasn’t for an affordable housing developer buying these units, the likely outcome would be a market-rate developer buying them,” Henry said.