In a win for preservationists and affordable housing advocates, a New York developer purchased a rundown Gold Coast hotel and announced plans to keep it as affordable housing after extensive renovations.

The NHP Foundation paid $21M for the Mark Twain Hotel at 111 W Division St. Pembrook Capital Management provided $16.6M in financing to NHP for the transaction. NHP will renovate the building’s 152 units into affordable rentals under Chicago’s single room occupancy preservation ordinance. Built in 1932, the Mark Twain Hotel has a long history of providing affordable housing to renters on the brink of homelessness. It’s across the street from The Sinclair, Fifield Cos’ $230M mixed-use project expected to open next year.

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