July 5, 2009
NDC’s Corporate Equity Fund (CEF) has once again partnered with Chicago’s Antioch Baptist Church to develop Antioch III Apartments, affordable housing in the city’s south side neighborhood of Englewood. While Englewood has a rich history as a crossroads of rail and commerce, dating back to the era immediately following Chicago’s Great Fire, it experienced the severe distress and disinvestment of so many older urban areas in the last decades of the 20th century. With excellent access to public and highway transportation and proximity to the Hyde Park neighborhood, Englewood is experiencing something of a renewal. But in spite of this improvement (and in part because of it), and with the area poverty levels still exceeding 40%, the need for affordable housing has not diminished. Using Low Income Housing Tax Credits (LIHTC), CEF and Antioch will provide 40 high-quality family units, with apartments larger than similar nearby affordable housing. Antioch III is a continuation of Normal Parkway Apartments, an earlier partnership between CEF and Antioch Baptist Church.