Celadon Holdings launches $57M affordable housing effort

Celadon Holdings launched a plan to spend $57 million on apartment properties in Albany Park and maintain them as affordable housing.

The Northbrook-based affordable housing developer aims to buy 250 units, renovate them and keep them affordable for 30 years, according to Block Club Chicago.

The developer is receiving a mix of $1 million in tax-increment financing funds, tax credits and additional financing to acquire and renovate the units, Celadon Principal Scott Henry told Block Club. If not for his firm’s efforts, the apartments would likely be bought by market-rate developers, Henry said.

Celadon launched the effort by buying seven courtyard buildings in 2017, and expects to wrap up acquisitions next year. It is partnering with community organizing group Communities United and Alderman Deb Mell’s office on the program.

Former JPMorgan executives Henry and Thad Garver founded Celadon in 2008, and the firm has used low-income housing tax credits to help build or maintain hundreds of affordable apartment units across six states. Celadon last year launched the $15 million conversion of the vacant West Pullman Elementary School on the far South Side into 60 affordable apartments for seniors. [Block Club] — John O’Brien