WOODLAWN — The new owner of a Woodlawn apartment tower down the street from the planned Obama Presidential Center intends to expand affordable housing at the property, with the goal of limiting displacement in a hot housing market.
Preservation of Affordable Housing closed Tuesday on its $29.5 million purchase of the mixed-income Island Terrace Apartments, 6430 S. Stony Island Ave. The organization bought the 240-unit building from PNC Bank and will manage the property through a subsidiary.
The nonprofit aims to transition all units to being affordable for renters making 30 to 80 percent of the area median income, senior vice president of Chicago operations Bill Eager said.
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