About Us

Our Programs:

Investments in housing and community development
Innovative lending and entrepreneurial support
Advisory support for community and economic development
Professional education and training

Stories of Impact



Ravenswood Senior Living

Chicago, IL Affordable Housing

Housing Development Type: Adaptive Reuse for Senior Living
Number of Housing Units: 119
NDC Equity Investment: $16.6 Million
Total Development Cost: $81.6 Million
Partners: Evergreen Real Estate Group

The Ravenswood Senior Living development consisted of the adaptive reuse and substantial rehabilitation of the former 10-story Ravenswood Hospital.  The property was also expanded thru the new construction of a 4-story wing attached to the existing building.  Located on a 1-acre site north of downtown Chicago near Wrigley Field, Ravenswood Senior includes two separate senior facilities consisting of a 74 unit independent living component and a 119 unit supportive/assisted living component.  The entire property includes studio and one-bedroom units serving seniors at 50% – 60% of AMI.  Additionally, the project benefits from Project Based Vouchers on the 74 independent units provided by the Chicago Housing Authority.   Ravenswood utilized the 4% LIHTC program, and project financing was made possible thru tax-exempt bonds issued by the Illinois Housing Development Authority (IHDA), subordinated debt from the Chicago Housing Authority, and an equity bridge loan from KeyBank.