Nonprofit Preservation of Affordable Housing (POAH) and its partner, KMW Communities LLC, have closed on financing for The Ave., a 52-unit mixed-use affordable housing development in Chicago’s northwest side Humboldt Park neighborhood. In addition to POAH and KMW, the development includes Neighborhood Housing Services (NHS) of Chicago, a long-standing Community Development Financing Institution focused on affordable homeownership. NHS will operate a West Side homeownership center on the property’s first floor. The four-story development will include 52 1-, 2-, and 3-bedroom apartments targeting households earning 30-60 percent of the area median income AMI. Resident amenities include indoor and outdoor community gathering spaces, a bike room, fitness center and onsite parking. The Ave will also create at least 1,000 SF in retail space for local businesses. The transaction is financed with substantial support from the Chicago Department of Housing, which issued tax-exempt bonds, 4 percent low-income housing tax credits (LIHTC) and $18 million in tax increment financing proceeds. Construction financing and $19 million in investor equity – generated by the tax credits – is provided through Bank of America. A joint venture of Leopardo and Ujamaa Construction is expected to begin construction in April, with completion likely in fall 2026.