National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

1704 N. Humboldt

1704 N. Humboldt

Historic & Preservation

The 1704 N. Humboldt development is the substantial rehabilitation and historic preservation of a 1920s low-rise courtyard building in Chicago, which was originally purchased in 1988 by sponsor, Bickerdike Redevelopment Corporation. At that time, the existing 54 studio apartments were converted into 29 units of Section 8 family housing.

The recent rehabilitation of the five one-, 15 two- and nine three-bedroom apartments continues their Section 8 status targeting them to households earning at or below 60 percent Area Median Income.

Renovation included installation of high-efficiency heating and cooling systems and kitchen and bathroom fixtures. Roofs were replaced, existing walls repaired and tuck-pointed and windows, doors and lintels restored. A new laundry facility in the building’s basement is equipped with Energy Star appliances. Each apartment features a dishwasher, garbage disposal, air conditioning, blinds and new hardwood flooring.

Founded in 1967, Bickerdike Redevelopment Corporation is one of Chicago’s strongest community-based non-profit organizations and is widely recognized for its excellence in community development.

National Equity Fund® invested $8.8 million of LIHTC equity in 1704 N. Humboldt, its ninth partnership with Bickerdike.


Project Details

Completed
2014
Location
1704 N. Humboldt Boulevard
Chicago, IL
Project Type
Historic Rehabilitation
Project Based Section 8
Total Units
29
Mix of Residences
5-1 br, 15-2 br, 9-3 br
Limited Partnership
1704 Humboldt, LP
Tax Credit Equity
$8.8 million
Total Project Costs
$11.3 million
Sponsor
Bickerdike Redevelopment Corporation
Permanent Lenders
Wells Fargo Bank

Bickerdike Redevelopment Corporation
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