Saturday, May 28, 2016

Evergreen Completes Renovations, Extends Affordable Housing Program At Dixon Square Apartments in Dixon, IL

Stephen Rappin
CHICAGO, IL — Evergreen Real Estate Group, in partnership with the Department of Housing and Urban Development (HUD), Illinois Housing Development Authority (IHDA) and City Real Estate Advisors, announced it has completed renovations at Dixon Square Apartments, a 72-unit affordable housing community in Ronald Reagan’s boyhood town of Dixon, Ill. 

As part of the $3.3 million rehabilitation project, which began in Spring 2015, Evergreen secured a 20-year extension of the community’s Section 8 Housing Assistance Payment contract, preserving the affordability of the residences through 2036.

“We saw an opportunity to improve the wellbeing of the existing residents and ensure Dixon Square Apartments would continue to serve the Dixon community for generations to come,” said Stephen Rappin, president of Chicago-based Evergreen, the owner and property manager of the building. “Our strong relationships with HUD and IHDA allowed us to secure the financing necessary to make this project feasible.”

Located at 540 Freedom Walk, the three-building property had not been significantly upgraded since it was completed in 1980. Evergreen secured Low Income Housing Tax Credits (LIHTC) needed to fund the $3.3 million renovation, which took approximately one year to complete.

For a complete copy of the company’s news release, please contact:

Kelly Shumaker,, 312-267-4519

Abe Tekippe,, 312-267-4528

No comments: