WOODLAWN — Preservation of Affordable Housing is expanding its footprint in Woodlawn again by spending $1.5 million to acquire another 106 apartments in two buildings.
The nonprofit on Wednesday announced it was purchasing 6146 S. Kenwood Ave. and 6230 S. Dorchester Ave. from Woodlawn East Community and Neighbors with plans to rehab the buildings.
The sale is being touted by both of the housing groups as a way to keep affordable buildings available in the neighborhood as the Obama Presidential Center is developed and spurs real estate speculation.
Preservation of Affordable Housing will take over the management for the buildings, which represented about 80 percent of the housing owned by Woodlawn East Community and Neighbors.
For 37 years, the Woodlawn group has provided housing in the neighborhood for people who are homeless or close to being homeless as a way to rehab and restore vacant buildings in the neighborhood to a productive use.
The sale was hailed by both groups as a way to keep that mission going into the future, with Preservation of Affordable Housing planning to make a significant investment in updating the buildings while maintaining them as affordable apartments.
The deal was finalized after the City Council on Wednesday approved transferring $5.7 in low-interest loans from the city made to the Woodlawn group in 1993 and 1999 to the new owner.
With the additional buildings, Preservation of Affordable Housing will have built or renovated more than 500 apartments in Chicago, nearly all of them in Woodlawn.
