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| 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,
kshumaker@taylorjohnson.com, 312-267-4519
Abe Tekippe,
atekippe@taylorjohnson.com, 312-267-4528
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