Urban Innovations (UI) is pleased to announce the acquisition and preservation of Amalgamated Senior Residences, a 124-unit Section 8 subsidized apartment building for low-income seniors. UI acquired the building on November 9, 2006 from the Amalgamated Housing Foundation, a local not-for-profit organization which had owned and operated the building since it was developed in the early 1980s.

Located at 1504 West Van Buren in Chicago, UI plans to rename the building Van Buren Place Apartments. The building is the 18th affordable senior building acquired by UI and brings their portfolio to 2,133 total units, all of which are reserved for low-income seniors.

Consistent with UI’s mission, UI intends to maintain the building’s affordability while renovating the individual units and overall building systems and structure. The renovations will be completed without displacing any of the building’s current residents and should be completed during the summer of 2007.

“We are committed to providing senior residents with a first-rate living standard,” said Mark Kelly, Urban Innovations’ President. “As with each property we own and manage, Van Buren Place Apartments will benefit from our 20 plus years of successful management and renovation experience. Current residents will enjoy living in a safe, comfortable and improved building.”

To complete the acquisition, UI utilized tax-exempt bond financing issued by the Illinois Finance Authority (IFA) as well as funds from the sale of low-income housing tax credits issued by the Illinois Housing and Development Authority (IHDA). The bonds were placed directly with US Bank and the credits were syndicated by Red Capital Group of Columbus, Ohio. The Department of Housing and Urban Development (HUD) was also involved in the transaction, approving UI as the new owner.

“We would not have been able to preserve this building without the hard work of many government agencies, including IHDA, IFA and HUD. Their willingness to work with UI on this preservation transaction indicates the confidence they have in UI and our commitment to provide top quality affordable senior housing,” said Andrew Delman, a UI principal involved in the transaction.

UI was founded in 1978 specializing in the acquisition and re-development of commercial lofts in the River North area of downtown Chicago. UI currently owns and manages 12 commercial loft buildings in River North. Since 2001, UI has focused on providing high quality housing for low-income elderly. Of UI’s 18 senior buildings, 15 are in Illinois, four of which are located in Chicago.

For more information about Amalgamated Senior Residences or other UI properties contact Urban Innovations at 445 N. Wells Street, Suite 200, Chicago, IL 60610, 312-222-0777, www.urbaninnovations.com.