Chapter 15/Mark-Up-To-Market and Moving Section 8 Enables the Revitalization of Large High-Rise in Chicago
Maple Pointe is a 342-unit affordable housing community. More than 150 units at the property receive the benefit of project-based Section 8. The high-rise building is located just over a mile from the “Loop” and less than a mile from the “Magnificent Mile” in the heart of Chicago, Illinois. Originally constructed in the 1990s, the property was in need of significant rehabilitation and upgrades to preserve it for the long-term.
Applicable HUD Programs
- Project-Based Section 8
- HAP Renewal
- Chapter 15/MUTM Post-Rehabilitation Rent Increase
- Moving Section 8 (8bb)
Large Scale Rehabilitation with Additional Section 8
HAO worked with Standard to obtain the approvals needed to acquire the project, secure a 20-year Chapter 15/MUTM HAP contract renewal with HUD’s pre-approval of post-rehabilitation rents, and add 42 units of additional project-based Section 8 subsidy to the project through the Moving Section 8 Program, allowing Standard to obtain financing to undertake a large scale rehabilitation of the property that was completed in 2019.
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