Greenwood Park Apartments, located at 1015 E. 47th Street, Apt 1B in Chicago, has two and three bedroom apartments. Greenwood Park Apartments participates in the Low-Income Housing Tax Credit (LIHTC) and Section 8 Project-Based Rental Assistance programs.
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Greenwood Park Apartments is a 122-unit, 15-building apartment community located in the affluent and historic Kenwood neighborhood, just 3 blocks north of President Obama’s private residence. Originally built in 1974, Greenwood Park was purchased by POAH in the summer of 2016. Renovations to the building will begin in 2019 and include accessibility retrofits, roof, window and boiler replacement, new energy efficient lighting and appliances, and kitchen and bathrooms renovations. In partnership with Openlands, POAH will replace dozens of dead ash trees that lined the property’s walkways with new species of trees.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Section 8 Project-Based Rental Assistance tenants will make a monthly contribution toward rent equal to 30% of their adjusted income. There is a minimum tenant contribution of $25 for all rents at this property regardless of tenant income.
Greenwood Park Apartments is managed by Housing Authority of Cook County.