SB Friedman works with nonprofit affordable housing developers to resolve financial gaps and structure transactions that are financially feasible. We also conduct market analyses and support preparation of funding applications to public entities, including the City of Chicago, Illinois Housing Development Authority (IHDA), U.S. Department of Housing and Urban Development (HUD), and Chicago Housing Authority (CHA).
Affordable Housing Financing Services. SB Friedman specializes in: working with clients to identify and resolve financial gaps in affordable housing projects; closing affordable housing transactions with complex capital stacks; and assisting affordable housing developers prepare and submit funding applications at the local, state and federal levels. Examples of this work are as follows. SB Friedman worked with the Resurrection Project to update a supplemental TIF application to the City of Chicago and structure the pro forma for the Casa Querétaro (Casa Q) project in the gentrifying Pilsen neighborhood. We projected available TIF revenue for the project, identified TIF-eligible costs, developed a pro forma, and assisted in outreach between financial entities. SB Friedman also assisted Bickerdike Redevelopment Corporation (Bickerdike) in structuring a pro forma and preparing a TIF application for the City of Chicago for the Lucy Gonzalez Parsons Apartments in Logan Square, a 100% affordable transit-oriented rental development. Additionally, we assisted Lawndale Christian Development Corporation (LCDC) in developing a pro forma for the Lazarus Apartments, a project that included 48 units of affordable housing in North Lawndale. We conducted outreach to lenders and potential financial partners, developed a pro forma to evaluate financing sources, and prepared applications to IHDA, the City and CHA. Casa Q, Lucy Gonzalez Parsons Apartments and Lazarus Apartments have each been constructed or are currently under construction.
Affordable Housing Market Analysis Services. SB Friedman has prepared numerous site and market studies for proposed family and senior housing developments. We conduct these studies on behalf of developers for submittal to IHDA and other providers of affordable housing financing. For example, we conducted studies for the Preservation of Affordable Housing for the Lafayette Terrace Apartments in Englewood and conducted a market study of the Lawn Terrace Apartments in the Chicago Lawn neighborhood for the Greater Southwest Development Corporation.