The Community Builders, NAHT and UnitedHealth Group Close on $15.4M of Equity for 508 Pershing at Oakwood Shores
Columbus, OH, January 29, 2021. National Affordable Housing Trust (NAHT) is proud to announce the closing of the funding for 508 Pershing at Oakwood Shores in Chicago, IL. NAHT closed on 508 Pershing in partnership with The Community Builders, Inc. (TCB), a nonprofit housing and development organization, and an investment from UnitedHealth Group.
508 Pershing at Oakwood Shores (the Development) is a mixed-use, four-story, 53-unit apartment building to be constructed in the Bronzeville community, approximately 3.5 miles south of downtown Chicago. Sixty-eight (68%) of the Development’s apartments will be Low Income Housing Tax Credit (LIHTC) units for households earning up to 80% of Area Median Household Income (AMHI). The remaining 32% of units will be market-rate. Twenty (20) units will also receive Public Housing ACC subsidy, allowing residents to pay income-based rent equal to 30% of their adjusted gross incomes.
“Our partnership with NAHT at 508 Pershing allows us to advance Oakwood Shores, a mixed-income, mixed-use neighborhood that helps drive revitalization in Bronzeville, while providing great homes, amenities, and services for thousands of Chicagoans of varying incomes,” said Kemena Brooks, TCB’s Senior Project Manager leading the on-going development of Oakwood Shores. “508 Pershing will attract and serve smaller households looking to move or stay in Bronzeville, while also providing community-oriented retail. 508 Pershing also initiates the next stage of Oakwood Shores, which will include hundreds of homes for rent and for-sale, along with additional amenities.”
The Development will consist of 50 one-bedroom units and 3 two-bedroom units. All units will have in-unit washer and dryer, dishwasher, plank flooring, and extra storage. Property amenities include on-site management, a resident lounge, fitness center, controlled access, bike storage, and dog wash. TCB will also provide resident services on-site through its place-based model – Community Life – focusing in six practice areas: workforce development, asset building, community engagement, youth development, education, and health and wellness.
The Development also includes 3,500 square feet of ground floor retail and is in close proximity to grocery stores, parks, schools, a health center and the Chicago lakefront. The Development is located on a bus route, six blocks from a train station and a highway; making it conveniently accessible to major employment centers.
“National Affordable Housing Trust and our investor, UnitedHealth Group, are proud to partner with TCB in 508 Pershing, and the new construction of vital, affordable housing for families in the Bronzeville community of Chicago. We appreciate TCB’s commitment to providing an integrative approach to housing, including supportive services so that households can achieve stability, advancement, and independence,” said Brian Robinson, Senior Vice President at the National Affordable Housing Trust.
“We know that safe, affordable housing is the most fundamental determinant to improved health and quality of life for people, and we are honored to have such great partners in The Community Builders and NAHT,” said Tom Kunst, Chief Executive Officer, UnitedHealthcare of Illinois, a health insurance business of UnitedHealth Group. “We are committed to providing housing to our communities’ most vulnerable people and dedicated to helping Chicagoans live healthier lives.”
Last year, UnitedHealth Group announced its $100 million investment in the Health & Housing Fund, which partners with Stewards of Affordable Housing for the Future (SAHF) and the National Affordable Housing Trust (NAHT), to help build more than 1,000 new homes for families and seniors facing housing insecurity. This investment brings the company’s total contribution in safe and affordable housing to $500 million since 2011.
About The Community Builders
The Community Builders (TCB) is one of America's leading nonprofit housing organizations. Our mission is to build and sustain strong communities where all people can thrive. We realize our mission by developing, financing and operating residential communities, neighborhood amenities and resident opportunity programs. Since 1964, we have constructed or preserved hundreds of affordable and mixed-income housing developments and pioneered the Community Life (CL) model for resident success. Today, anchored by offices in Boston, Chicago, Columbus, New York and Washington, D.C. we own or manage 13,000 apartment homes in more than 14 states.
National Affordable Housing Trust is a nonprofit Low Income Housing Tax Credit (LIHTC) syndicator helping create and preserve homes for those in need. NAHT is a joint venture of LIIF (Low Income Investment Fund) and SAHF (Stewards of Affordable Housing for the Future).
For media inquiries, contact: Heather Holland, [email protected], 614.917.2864