National Equity Fund

Parkwood Commons

Peoria, IL

Jobs Created: 30
Jobs Year One: 122

Parkwood Commons is the transformation of an existing 50 building complex known as Pierson Hills, which was on the brink of closing. Consisting of 100 garden-style townhomes, it was built in 1968 and is now the focus of renovations. Improvements include new plumbing, energy-efficient windows and doors, low-flow toilets, showerheads, and faucets and more.
Parkwood Commons targets families earning at or below 60 percent of Area Median Income (AMI) with two- to five-bedroom units. Rents are further reduced by a new 20-year Section 8 HAP contract administered by the Department of Housing and Urban Development (HUD). This development preserves quality affordable housing and its existing subsidies to help fill the critical need for housing in the area, which provides a significant investment in the greater Peoria community. The amenity-rich property offers access to a clubhouse, fitness area, laundry facilities and activity room as well as outdoor features such as a basketball court and walking paths, which promote healthy lifestyles and enhance a sense of community. Parkwood Commons was a 2021 AHF Readers' Choice Awards Finalist in the Preservation Category.
Wallick-Hendy Development Co. rescued this struggling development, and NEF invested over $5 million of LIHTC equity into its preservation.

Project Details:

Population Served:
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Mix of Residences:
3 Bedroom (48),2 Bedroom (37),5 Bedroom (8),4 Bedroom (7)
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Wallick-Hendy Development Company, LLC
Property Manager:
Wallick Properties Midwest, LLC
William E. Lehner, Architect
General Contractor:
Wallick Construction

View More Preservation Developments

Miriam Apartments

Miriam Apartments

Chicago, IL

Recognized on the National Register of Historic Places, the preservation of Miriam Apartments has not only preserved the building’s original classic Chicago front façade elements and floors, but also 66 homes for residents in Chicago’s Uptown community. Mercy Housing Lakefront took over from Lakefront SRO, which updated the property in 1990, to improve this four-story historical building that was built in 1925. The rehabilitation work transformed shared bathrooms and communal kitchens into private spaces.  

In the interest of long-term affordability, Rental Assistance Demonstration Program (RAD) secured 20-year project-based assistance contracts for all apartments. Mariam Apartments aims to improve the quality of life of residents coming out of homelessness. All 66 units are restricted to residents earning 30 percent of the Area Median Income (AMI) and benefits from a Section 8 contract. The rehabilitation also features a steam heating system, which provides the residents with air conditioning for the first time as well as access to a computer lab, fitness room, community room, and resident storage. 

Miriam Apartments has gained recognition as the 2020 Residential Development that Best Exemplifies Major Community Impact at the Novogradac Rehabilitation Awards and was a 2020 Affordable Housing Finance Readers’ Choice Awards Winner in the Preservation category. This community was developed by Mercy Housing Lakefront, and NEF invested over $9.4 million in LIHTC equity. 

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