Full Circle Communities preserves first SRO apartment building under Chicago’s ordinance
Full Circle Communities, a Chicagoland non-profit, has acquired a 34-unit Single Room Occupancy (SRO) apartment building in the Logan Square neighborhood, preserving much needed affordable housing in a rapidly gentrifying real estate market.
This acquisition is the first to occur under the City of Chicago’s recently adopted SRO Ordinance, which requires sellers to negotiate with preservation buyers for six months before they can accept non-preservation offers. Under the ordinance, Full Circle will allow all existing tenants to remain in place, and has committed to rent all units in the future to those earning at or below 50% of the area median income.
“I commend Full Circle Communities for preserving affordable housing for those who need it the most,” Mayor Emanuel said. “In 2014 we worked with the Chicago for All Coalition to pass the SRO Preservation Ordinance to ensure that these buildings remain viable affordable housing options for residents across the city.”
“Preserving this much-needed asset, especially in a market with rising housing costs, is critical for maintaining the diversity of the Logan Square neighborhood,” said Joshua Wilmoth, Vice President of Full Circle. “We are excited about the opportunity to continue our growth on the northwest side of Chicago, and we are convinced that many of our new residents would have faced displacement but for the City’s SRO Ordinance.”
CSH (Corporation for Supportive Housing ), a leading national nonprofit and Community Development Financial Institution, provided the financing necessary to acquire the building.
“CSH is committed to preserving and expanding affordable housing, and Full Circle’s efforts in Logan Square will make a real difference for the existing tenants and others wanting a safe, decent place to call home,” said Liz Reyes, CSH Senior Loan Officer.
Under their loan agreement, CSH is requiring that nine of the units be made available to persons earning at or below 30% of area median income.
Full Circle will be working with local organizations in the area to coordinate on-site services that will encourage positive outcomes, improved healthcare and access to other supports for the residents.
Full Circle is a Chicagoland philanthropic non-profit with the mission of expanding access to affordable housing through preservation and development, thoughtful design, and the provision of significant and contextual services. Full Circle dedicates 75% of their project cash flow to providing services for their residents. They have recently completed a 32-unit apartment community in Avondale for people with disabilities, special needs and low incomes.
