https://cook-county.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=3861901&GUID=11B6750A-A01F-4DA8-AC21-3973F5F1561CLegistar15https://cook-county.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=3861901&GUID=11B6750A-A01F-4DA8-AC21-3973F5F1561C11B6750A-A01F-4DA8-AC21-3973F5F1561C-2019-02-22-21-12-53Title: PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM Department: Planning and Development Other Part(ies): Interfaith Housing Development Corporation Chicago, Illinois Request: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $1,600,000.00 in HOME Investment Partnership Funds (HOME 2018 Grant) for the 24 month construction period and thirty year permanent period with a 1% permanent loan rate. Total Development Cost: $19,140,562 Project Loan Amount: $1,600,000 Fiscal Impact: $1,600,000 Account(s): 1013-10757 Summary: The loan will fund the new construction of a 72-unit, fully HOME-assisted, affordable housing development targeting families. The total development cost (TDC) is projected at $19,140,562. The requested HOME funds account for slightly more than eight percent (8.35%) of the TDC. Additional funding sources include Illinois Housing Development Authority (IHDA) funds including Illinois Affordable Housing Tax Credits, Low Income Housing Tax Credits (LIHTC) and HousinFri, 22 Feb 2019 21:12:53 GMT