1704 N. Humboldt Building | National Equity Fund

Statistic
Jobs Created: 8
Jobs Year One: 35

The 1704 N. Humboldt development is the substantial rehabilitation and historic preservation of a 1920s low-rise courtyard building in Chicago, which was originally purchased in 1988 by sponsor, Bickerdike Redevelopment Corporation. At that time, the existing 54 studio apartments were converted into 29 units of Section 8 family housing.

The recent rehabilitation of the five one-, 15 two- and nine three-bedroom apartments continues their Section 8 status targeting them to households earning at or below 60 percent Area Median Income.

Renovation included installation of high-efficiency heating and cooling systems and kitchen and bathroom fixtures. Roofs were replaced, existing walls repaired and tuck-pointed and windows, doors and lintels restored. A new laundry facility in the building’s basement is equipped with Energy Star appliances. Each apartment features a dishwasher, garbage disposal, air conditioning, blinds and new hardwood flooring.

Founded in 1967, Bickerdike Redevelopment Corporation is one of Chicago’s strongest community-based non-profit organizations and is widely recognized for its excellence in community development.

National Equity Fund® invested $8.8 million of LIHTC equity in 1704 N. Humboldt, its ninth partnership with Bickerdike.

Project Details:

Completed:

2014

Population Served:

Family

Total Units:

Mix of Residences:

2 Bedroom (15),3 Bedroom (9),1 Bedroom (5)

Net Equity:

8.81M

Credit Type:

Other Credits:

FHIST

Total Project Costs:

11.26M

Developer(s):

Bickerdike Redevelopment Corporation

Property Manager:

Bickerdike Redevelopment Corporation

Architect:

Weese Langley Weese Architects, Ltd.

General Contractor:

Humboldt Construction Co. Inc.

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