Preserving Affordable Housing
We are proud to announce a $83 million investment in affordable housing preservation in the 48th ward. This investment is across two high-rise buildings, totaling 317 units, and improving the quality of life for over 400 48th ward neighbors. Read more below:
HOLLYWOOD HOUSE
Hollywood House is a 198-unit affordable housing building located at 5700 N Sheridan. When Heartland Housing ceased its operations in 2023, hundreds of Edgewater and Uptown neighbors faced uncertainty about their housing, including those at Hollywood House. The building was ultimately purchased by Full Circle Communities, Inc., a nonprofit affordable housing developer. Our office has been working closely with Full Circle during the transition and to help them secure funding to complete long-overdue renovations.
In 2026, we worked with Full Circle to secure $47 million in funding for a major building rehab, including nearly $24 million in Low-Income Housing Tax Credits (LIHTC), $1.5 million in Illinois Affordable Housing Tax Credits (IAHTC), and $22 million in a combination of multi-family funds and tax increment financing (TIF). Every unit will be upgraded, and common areas will be redesigned to be beautiful and welcoming spaces. Neighbors are currently participating in design charrettes to provide their feedback for the renovations.
"This renovation is about making sure Hollywood House remains a safe, affordable, and well-maintained home for the people who live here now and for years to come. Every unit and every shared space will see real improvements, and residents are helping decide what those improvements look like through a series of design workshops and surveys. Their input is shaping the plan. I'm grateful to Alderwoman Manaa-Hoppenworth and her office for working alongside us to secure this funding and for her commitment to preserving affordable housing in the 48th Ward." - Lindsey Haines, President & CEO of Full Circle Communities.
WHITECHAPEL APARTMENTS
Whitechapel Apartments is a 119-unit affordable housing building located at 4910 N Sheridan Road. The property operates under the Low-Income Housing Tax Credit (LIHTC) program and works closely with HUD-backed assistance.
In March 2026, Related Midwest purchased Whitechapel Apartments. Since then, they have extended the property’s Section 8 contract for another 20 years. This means that no rental obligations increased during the transition and tenants continue to pay 30% of their adjusted gross income towards rent.
Related is planning a comprehensive renovation - over the course of 9 to 12 months - including improving unit conditions with new appliances, countertops and cabinets in the kitchens, updated plumbing fixtures in the bathrooms; new windows and flooring throughout apartments, replacement of aging building systems; adding resident safety upgrades; and improving resident amenities by providing a community room with a new fitness center.
The renovation is supported by LIHTC tax credits and IHDA Tax Exempt Bonds totaling approximately $60 million.
