Full Circle Communities obtains tax credits for Milwaukee Avenue Apartments
- Market study to meet Illinois Housing Development Authority requirements
- 32-unit building for physically disabled, low-income adults leased up quickly and has a waiting list
Requirement
Full Circle Communities – a developer of housing for those with special needs – asked us to prepare a market study to support its application for tax credits for a 32-unit building on Milwaukee Avenue in the Avondale neighborhood on the northwest side of Chicago targeting low-income adults with physical disabilities.
The study needed to meet Illinois Housing Development Authority requirements and be delivered in a short timeframe in order to meet state deadlines.
Approach
With our extensive experience and expertise in this type of housing, we prepared a market study that met every requirement. As a result, the developer was successful in demonstrating the need and demand for this type of specialized housing in a neighborhood that was beginning to experience gentrification pressure.
Results
Not only did the property receive approval for tax credits, but the development leased up quickly and now has a waiting list for its units.
