9-Apr-16 – Asbury Plaza will continue with the “affordable housing program,” a federal program that helps make housing available to lower-income residents.

The program gives money to financial institutions to finance construction, rehab, or purchase of residential buildings, including rental property. At least 20 percent of a rental property’s units have to be rented to households whose income is at or below 50 percent of the area’s median income. Median income is the amount at which half the area’s households earn more and half earn less.

The United States Department of Housing and Urban Development and Illinois Housing Development Authority have extended the program at Asbury Plaza for another 15 years.

Since Asbury Plaza opened in River North in 1981, 77 of its 384 apartments have been set aside as “affordable” as defined by HUD’s Section 8 program. Managed by The Habitat Company, the complex has a mix of studio, one-bedroom, and two-bedroom apartments ranging in size from 675 to 1,040 square feet.

“For 35 years, Asbury Plaza has served as a model of how a mixed-income community can thrive,” says Sheila Byrne (right), Habitat’s executive vice president of property management.

Asbury Plaza is currently renovating units with new floors, appliances, countertops, and lighting, as well as its lobby, hallways, fitness center, and business center.

(Above) Living, dining, and kitchen areas of an apartment at Asbury Plaza. (Photo obtained from Asbury Plaza. Click on image to view larger version.)