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| Sheila Byrne |
CHICAGO, IL – The Habitat Company, a leading multifamily
developer and manager in the United States, announced on behalf of ownership of
Asbury Plaza, that with the U.S.
Department of Housing and Urban Development (HUD) and the Illinois Housing
Development Authority (IHDA), the company has extended the affordable housing
program at Asbury Plaza, a 384-unit apartment community in Chicago’s River
North neighborhood, for an additional 15 years to 2031.
Since Asbury Plaza opened
in 1981, 20 percent of the community’s 384 residences, or 77 apartments, have
been set aside as affordable through HUD’s Section 8 program. “We are proud
that Asbury Plaza will continue to be accessible to Chicagoans, regardless of
income level,” said Matt Fiascone,
president of The Habitat Company.
“This agreement is the
result of a cooperative effort by Habitat and officials from HUD and IHDA that
culminated in a continuation of affordable housing at Asbury for the next 15
years.”
Located at 750 N. Dearborn
St., Asbury Plaza includes a mix of convertible, one- and two-bedroom
apartments ranging in size from 675 to 1,040 square feet. The extension of the
community’s affordable housing program comes as the property is undergoing
extensive renovations that will update individual residences with new flooring,
lighting, appliances and granite countertops.
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| Matthew Fiascone |
The Habitat Company also
recently completed a new lobby and redecorated hallways, expanded fitness
center and new business center as part of the ongoing renovations. Other
on-site amenities at Asbury Plaza include an outdoor swimming pool and sun
deck, furnished guest suites and a 24-hour door attendant.
“For 35 years, Asbury
Plaza has served as a model of how a mixed-income community can thrive,” said Sheila Byrne, executive vice president
of property management at Chicago-based The Habitat Company.
“The extension of
the affordable housing program, coupled with the ongoing renovations, will help
ensure that Asbury Plaza remains a vibrant community for years to come.”
Celebrating its 45th
anniversary in 2016, The Habitat Company has deep roots in affordable and
public housing. Habitat is currently the largest property manager for the
Chicago Housing Authority. The company’s management portfolio comprises more
than 25,000 units across the U.S., of which more than 8,500 are affordable or
public housing units.
For leasing information,
visit www.habitat.com
For a complete copy of the company’s news release,
please contact:
John Holden, jholden@taylorjohnson.com,
312.267.4538
Kim Manning,
kmanning@taylorjohnson.com, 312.267.4527
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