Congressman George W. Collins Apartments
$37.1 million Section 221(d)(4)
The Congressman George W. Collins Apartments is a 195-unit community located in Chicago’s Little Italy neighborhood. The property is supported by a Project-Based Section 8 Contract that covers all units, providing affordable housing for low-income elderly and disabled residents.
Funding from the loan, combined with equity generated through the sale of 4% Low-Income Housing Tax Credits, enabled the owners to modernize the property, upgrade amenities, and improve energy efficiency.
As part of the financing transaction, the owner and HUD agreed to terminate the existing Section 8 Contract and execute a new 20-year Section 8 Contract under Option One, Mark-Up-to-Market, in accordance with the Chapter 15 Capital Repair Program.
