CHICAGO (May 24, 2016) — Evergreen Real Estate Group, in partnership with the Department of Housing and Urban Development (HUD), Illinois Housing Development Authority (IHDA) and City Real Estate Advisors, today announced it has completed renovations at Dixon Square Apartments, a 72-unit affordable housing community in Ronald Reagan’s boyhood town of Dixon, Ill. As part of the $3.3 million rehabilitation project, which began in Spring 2015, Evergreen secured a 20-year extension of the community’s Section 8 Housing Assistance Payment contract, preserving the affordability of the residences through 2036.
“We saw an opportunity to improve the wellbeing of the existing residents and ensure Dixon Square Apartments would continue to serve the Dixon community for generations to come,” said Stephen Rappin, president of Chicago-based Evergreen, the owner and property manager of the building. “Our strong relationships with HUD and IHDA allowed us to secure the financing necessary to make this project feasible.”
Located at 540 Freedom Walk, the three-building property had not been significantly upgraded since it was completed in 1980. Evergreen secured Low Income Housing Tax Credits (LIHTC) needed to fund the $3.3 million renovation, which took approximately one year to complete.
In addition to replacing the roof of each building and making other exterior improvements, Evergreen enhanced the community’s common areas, including laundry facilities located on each floor, an on-site playground and community garden. Additionally, Evergreen updated all 72 residences with modern kitchens featuring brand-new appliances, tile flooring, cabinetry and countertops. The developer also renovated bathrooms to include new tile flooring, vanities and plumbing fixtures, and replaced air conditioners and cable television hookups in each unit.
Evergreen was joined by Dixon Mayor Liandro Arellano Jr. and representatives from IHDA at a May 19th ribbon-cutting ceremony celebrating the completion of the project.
“Projects like Dixon Square provide quality affordable housing to residents who need it most,” said Mayor Arellano. “Updating the aging complex not only improves its overall appearance and livability, but also represents a broader investment in the future of our community.”
About Evergreen Real Estate Group:
Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across eight states. Evergreen specializes in thoughtful, creative residential development solutions in communities around the Midwest. From adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing, Evergreen offers an experienced team of attorneys, architects, and developers to municipalities seeking to create high-quality apartment communities. Evergreen currently owns and manages 6,500 units of multifamily housing.
