Today, the Hispanic Housing Development Corporation (HHDC) broke ground on its affordable senior housing project at 1539 N. Pulaski. The project will provide 61 modern, high-quality units for very low-income elderly households while adaptively reusing the historic Pioneer Arcade Building. Construction is planned to last for 15 months.
“This groundbreaking is the culmination of nearly 20 years of effort to reactive this site, a key part of our strategy to stabilize and strengthen Humboldt Park,” said Tony Hernandez, president and chief executive officer of HHDC. “We are proud to give life to this historic symbol of Humboldt Park’s past while meeting today’s need for senior housing in this vibrant community.”
The dignitaries who gave remarks at the groundbreaking ceremony were U.S. Representative Delia C. Ramirez, the congresswoman for Illinois’ 3rd district; Jessie Fuentes, the alderperson for the Chicago City Council’s 26th ward (not pictured); Cristina Pacione-Zayas, PhD, the chief of staff for the Office of the Mayor; Seema Radhakrishnan, the regional director of Multifamily Housing at the U.S. Department of Housing and Urban Development; Kristin Faust, the executive director of the Illinois Housing Development Authority; Lissette Castañeda, the commissioner for the City of Chicago’s Department of Housing; Matthew Reilein, the president and CEO of National Equity Fund; and Stefanie A. Bachrach, the senior vice president of Associated Community Development at Associated Bank.
The $36.22 million project was made possible through federal, state, and city collaboration. Financial partners include the City of Chicago, the Illinois Housing Development Authority (IHDA), the U.S. Department of Housing and Urban Development, and ComEd. Construction financing is being provided by Associated Bank. National Equity Fund (NEF) is investing equity in IHDA’s Low-Income Housing Tax Credits.
“Developing dynamic, impactful partnerships is key to NEF’s success, and our work with the Hispanic Housing Development Corporation emphasizes this approach to address both business and community needs,” said Matt Reilein, president and CEO at National Equity Fund. “NEF’s proven ability to remain resilient and mission-oriented is a testament to our stability as a capital partner, which allows us to strategically invest and meet the needs of our developers. The groundbreaking of 1539 N. Pulaski is a direct result of values-aligned organizations coming together to increase access to affordable housing for seniors in Chicago.”
Designed by UrbanWorks, Ltd., the project includes 58 one-bedroom units and three two-bedroom units, with one reserved for a resident manager. New construction on the adjacent vacant lot to the south will attach to the current building to extend its footprint. Leopardo Construction is the general contractor.
