Posted on Tuesday, September, 3rd, 2019 in Newsroom.
Under a $57 million plan announced this week, developer Celadon Holdings aims to buy up and renovate 250 units in Albany Park — and then maintain them as longterm affordable apartments. The developer is receiving a mix of tax-increment financing (TIF) funds, tax credits and additional financing to make the plan happen, said Scott Henry, Celadon principal.
To accomplish this, Celadon is partnering with Communities United, community organizers who focus on affordable and quality housing among other issues, and Ald. Deb Mell’s 33rd Ward office.
Organizers with Communities United will be reaching out to tenants who live in the units Celadon purchases via its Renters Organizing Ourselves to Stay (ROOTS) initiative, which was created after the foreclosure crisis to address displacement as affordable rental housing was redeveloped into luxury units.
Juan Cruz, an organizer with Communities United, said they’ll work with tenants to craft a “value system” for the property management company that manages the apartments.
“We want to make sure we’re engaging the tenants in the process,” Cruz said.