CHICAGO--(BUSINESS WIRE)--Aug 27, 2026--
Representatives from the Federal Home Loan Bank of Chicago (FHLBank Chicago), Gorman & Company, The Phoenix Foundation, and community partners gathered yesterday to celebrate the grand opening of Earle Residences, an adaptive reuse project converting the closed Charles Warrington Earle School into 50 affordable rental apartment units in Chicago’s Englewood neighborhood.
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FHLBank Chicago awarded a $1 million Affordable Housing Program (AHP) grant to support the rehabilitation, preserving a landmark building while expanding housing opportunities in Englewood.
Located on West 61st Street in Chicago’s Englewood neighborhood, Earle Residences provides 50 affordable one- and two-bedroom apartment units. Originally constructed in 1897, the former school has been retro fitted with classrooms converted into apartment units.
The rehabilitation preserved historic features of the former school while creating new residential and community spaces. Resident amenities include gathering and gardening spaces, a computer lab, bicycle storage, an exercise room, performance space, and areas for supportive services and private telehealth appointments.
The development also includes permanent supportive housing, with services provided by The Phoenix Foundation.
“Transforming Earle Residences into affordable housing gave us an opportunity to preserve an important piece of Englewood’s history while creating homes that will serve the community for years to come,” said Sherri Allen-Reeves, Executive Director of Phoenix Foundation. “We’re grateful to FHLBank Chicago and the many partners who helped bring this vision to life.”
The project preserves a historic school building that served generations of Englewood residents, creating new housing while maintaining an important neighborhood landmark.
AHP grants subsidize the acquisition, new construction, or rehabilitation of rental or owner-occupied housing. Delivered in partnership with FHLBank Chicago financial institution members, these forgivable grants help address ongoing housing supply challenges by expanding access to quality affordable housing across Illinois and Wisconsin.
“Earle Residences demonstrates how strategic investment and strong partnerships can preserve community assets while creating affordable housing opportunities,” said Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago. “We are proud to help bring 50 affordable units to Chicago’s Englewood neighborhood.”
Earle Residences was developed by Gorman & Company in partnership with The Phoenix Foundation, with support from FHLBank Chicago’s Affordable Housing Program, the Illinois Housing Development Authority, the City of Chicago, ComEd Energy Efficiency, and other public and private partners.
About the Federal Home Loan Bank of Chicago
FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com.
About Gorman & Company
Gorman & Company is a leader in community revitalization through a steadfast dedication to high-quality affordable, workforce, public, and senior housing nationwide. Their fully integrated platform, led by a team of industry leaders in development, design, construction, and property management, provides the highest level of customer care to their partners. At the heart of Gorman’s philosophy is a commitment to collaboratively build strong, inclusive neighborhoods alongside municipalities, governmental organizations, and nonprofits. Headquartered in Wisconsin, Gorman has been recognized as one of the nation’s top “Affordable Housing Developers” by Affordable Housing Finance magazine for more than a decade. Learn more about their diverse portfolio of national projects on their website.
Representatives from FHLBank Chicago, Gorman & Company, The Phoenix Foundation, and other project partners gathered to celebrate the grand opening of Earle Residences in Chicago’s Englewood neighborhood.
