A City-supported development was honored as an outstanding affordable rental preservation project at this year’s Chicago Neighborhood Development Awards.

The recent renovation of the Malden Arms Apartments in the City’s Uptown community won the 2010 Polk Bros. Foundation Affordable Rental Housing Preservation Award.

The developer, Mercy Housing Lakefront, received the accolade at the 16th annual awards ceremony Feb. 9 presented by LISC/Chicago.

“We congratulate Mercy Housing Lakefront with its long standing commitment to supportive housing for keeping our communities strong and healthy,” First Deputy Commissioner Ellen Sahli said. “This building has once again been preserved as supportive housing for very low-income individuals and will continue to fulfill that role by providing access to health, employment and other support services they need.”

Last fall, the developer wrapped up a $6.1 million renovation that transformed the building into a more modern 83-unit structure.

The restoration of the four-story building included upgrades to kitchens and bathrooms. Each unit was furnished with new appliances and the building now has a rooftop air conditioning system and energy efficient boilers and water heaters. Other energy efficient features include reflective roof coating, and low-flow water fixtures.

The rehabilitation of Malden Arms Apartments was made possible by the city’s investment of $ 1.2 million in loans, and the Chicago Low Income Housing Trust Fund through its Multi-Year Affordability through Upfront Investment (MAUI) provided $2.2 million to support rental assistance for 60 units.

The building serves formerly homeless individuals who will receive a variety of support services designed to assist in the transition from homelessness to a more stable life.

The award was presented recognizing work in sustaining the financial viability of the building, restoring and keeping affordable rental housing for very low-income individuals in the community and for combing green features that make it cost-effective to operate.

Malden Arms Apartments was one of nine award winners honored by LISC/Chicago.

Judges from for-profit and community organizations selected the winners for contributions that demonstrate organizational effectiveness, community impact and project or organizational challenge.

The award was presented in honor of John Pritscher former president of Community Investment Corporation and a longtime affordable housing advocate.