A Win for Affordable Housing: Thresholds Acquires The Glenn Apartments
In a major step toward protecting Chicago’s affordable housing market, Thresholds has officially acquired The Glenn Apartments, a 100-unit single-room occupancy (SRO) building in the historic Uptown neighborhood. This acquisition supports Thresholds’ mission to provide housing and services, ensuring all residents, including 61 existing members, can stay in their homes and preserving The Glenn as a safe space for people facing homelessness or low income.
SRO housing plays a critical role in Chicago’s housing landscape, offering naturally affordable units in neighborhoods where rising rents have pushed many residents out. Too often, SRO buildings are sold to the highest bidder, converted to market-rate apartments, and dozens of affordable homes disappear. But in this case, The Glenn’s previous owner made an uncommon and commendable commitment—to preserve affordability and protect the people who live there.
Thresholds worked closely with the owner to purchase the building outright, allowing the organization to maintain current housing and begin planning for improvements, all while ensuring no one is displaced.
“We’re incredibly grateful for this unique opportunity to preserve affordable housing in Uptown, a neighborhood that has seen similar buildings turn into market-rate apartments, which has caused countless residents to be displaced,” said Mark Ishaug, President and CEO of Thresholds. “At Thresholds, we know stable housing is a crucial element of helping people thrive, and we’re so proud to be taking on this new project that will preserve access for those who need it most. We’re thankful for the generosity of partners who have helped make this undertaking a reality.”
The acquisition was made possible through a collaborative effort between Thresholds, the City of Chicago, and a group of committed philanthropic partners. Thresholds raised the funds to meet the high cost of acquisition and future capital needs while keeping rents affordable and meeting all requirements of the City’s SRO Preservation Ordinance. “The Glenn is more than a building — it can be seen as a model for preserving naturally occurring affordable housing in a broken market,” said Nadia Underhill, Vice President of Housing & Real Estate at Thresholds. “This project demonstrates that through strategic partnerships, there are ways to ensure that people aren’t priced out of their homes or communities. Now is the time to find innovative solutions to address housing insecurity in Chicago, and we’re hopeful that this partnership is the first of many that can help preserve more affordable units in the future.”
Thresholds will begin upgrades to each unit over the coming months, making improvements while keeping residents stably housed.
This project was made possible by the generous support of Crown Family Philanthropies, D&R Legacy Fund, Klaff Family Foundation, Knight Impact Partners, Michael Reese Health Trust, Pritzker Community Health Initiative, Schreiber Philanthropy, and Searle Funds at The Chicago Community Trust. Thresholds is also grateful to Winston & Strawn and Applegate & Thorne-Thomsen for their pro bono legal work, which was instrumental in making this project a success.
This project is a testament to what’s possible when we put people before profit. Thresholds will continue fighting to preserve and expand affordable housing across Chicago. Stay tuned for news on the building’s development!
For media inquiries, contact Emily Moen, Chief Communications Officer, at emily.moen@thresholds.org