STANDARD COMMUNITIES’ ILLINOIS SECTION 8 PORTFOLIO
Standard Communities’ Illinois Section 8 Portfolio is the largest 4 percent Low-Income Housing Tax Credit (Housing Credit) and tax-exempt bond development in Illinois housing history. Standard Communities acquired, renovated, and both expanded and preserved the affordability of 855 affordable homes across six properties in Chicago and the surrounding metropolitan area for the long term. Approximately 80 percent of the homes serve senior citizens.
Standard Communities renovated and uniquely designed amenity spaces to facilitate resident engagement. These spaces now serve as hubs for a full suite of resident services and community programming, which all residents are encouraged to participate in. Examples of new and renovated amenity spaces include fitness centers, yoga studios, business centers, libraries, community rooms with kitchens, laundry facilities, storage units, and package lockers. Residents benefit from services such as financial literacy classes, general healthcare and specialized health services, assistance with vaccinations and medical appointments, transportation, and recreational activities.
With a total capitalization of more than $200 million, this process involved collaboration with the U.S. Department of Housing and Urban Development (HUD), Illinois Housing Development Authority (IHDA), and the Chicago Housing Authority. Project-based subsidy was added to 153 homes in Chicago’s urban core by utilizing HUD’s 8(bb) preservation tool and an award of Housing Choice Vouchers from the Chicago Housing Authority. In addition to completing more than $50,000 per unit in renovations, without displacing residents, residents now have access to a comprehensive suite of resident services and community programming that is custom-tailored to the needs of each site.