Malden Arms II Apartments
4727 N. Malden
Chicago, IL, 60640
Phone: (773) 649-5441 TTY: 800-877-8973 or 711
Monday - Friday 8:30 a.m. - 5:30 p.m.
About Malden Arms II Apartments
The Malden Arms preservation project is an 83-unit supportive housing property for formerly homeless, low-income and disabled individuals located in Chicago’s Uptown neighborhood. Physical rehabilitation of the Malden Arms Apartments, built in the 1920’s, was extensive and incorporated a number of environmentally friendly elements. Energy Star appliances and energy efficient lighting were installed. Low flow water fixtures were added, as well as high efficiency water heaters, boilers and a reflective membrane on the roof that reduces its heat island effect. The project was part of a Clinton Climate Initiative pilot program that will reduce green house gas emissions by almost 200 tons of carbon dioxide per year – the equivalent of planting 50 acres of trees.
To meet financial challenges, Mercy Housing Lakefront secured the Long Term Operating Support rental subsidy from the Chicago Low Income Housing Trust Fund for 62 percent of the units. This funding allowed us to increase building revenues and finance the project without impacting resident costs. In most cases, resident rent costs actually decreased. We, along with our tax credit investor, National Equity Fund, front-funded a “future losses reserve account.” This reserve was created to enable us to sustain low rent-levels for at least seventeen more years.
The Malden Arms Apartments was recently selected by the Chicago Neighborhood Development Awards (CNDA) for the Polk Bros. Foundation Affordable Rental Housing Preservation Award. This award recognizes outstanding achievement for preserving affordable rental housing at risk of expiring subsidy contracts or physical deterioration. The Malden Arms was chosen based on community impact, local resident involvement, ability to meet local needs and overcome obstacles, creativity in design and finance, green design and willingness to share project lessons with others.
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