title
PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Broadview Community Flats LLC
Request: Cook County’s Department of Planning and Development requests approval of the investment of $3,000,000 in HOME Investment Partnership Program funds to support the land acquisition and new construction of a 36-unit affordable multifamily residential development for individuals and families located at 1301 Roosevelt Road in the City of Broadview, Illinois, a near western suburb of the City of Chicago.
The loan terms will include a subordinate mortgage position, twelve-month construction period and thirty-year permanent period, 0% loan rate and defined interest payments over the permanent period.
Total Development Cost: $20,293,408.00
Project Loan Amount: $3,000,000.00
Fiscal Impact: $3,000,000.00
Account(s): 11900.1013.54325.580171.00000
Summary: Cook County’s Department of Planning and Development staff recommends the investment of $3,000,000 in HOME Investment Partnership Program (HOME) funds for the acquisition and construction of Broadview Community Flats (the Project), a new 36-unit affordable rental housing development for individuals and families located in west suburban Broadview. The County’s HOME loan will be in a subordinate position during the construction term (estimated twelve-months) and remain subordinate during the permanent loan (30-year term). The loan will bear interest at a rate of 0.00% with principal-only payments. The County’s $3,000,000 HOME loan ($21,875 per unit) is 15% of the $20.3MM total development cost ($555,390 per unit).
The new construction will be comprised of a four-story mixed-used development that will feature both common space and commercial space on the ground floor. The elevator-serviced 36 residential unit mix will include seven (7) 604 sf. one bedroom, ten (10) 831 sf. two bedrooms and nineteen (19) 1,126 sf. three-bedroom units. There will be on-site management, fitness center, community room and shared laundry rooms. The public entries will be secured with cameras, electronic-controlled entries and intercom access. The proposed site includes sufficient parking for both residents and guests.
The site, currently vacant and owned by the Village of Broadview, is located at 1301 Roosevelt Road. Broadview, Illinois. The project will have a residential lobby and retail along Roosevelt Road with access from 13th Avenue.
One mile south of the development, at the cross streets of Roosevelt Road and 17th Avenue in the City of Broadview, is the Broadview Village Shopping Plaza. The PACE Bus (301) travels along Roosevelt Road providing connecting service regionally and to the CTA Blue Line.
Established in 1993, Pivotal Housing Partners have developed more than 7,000 affordable housing units ranging across a broad spectrum of housing types. With over 25 years of experience in developing and managing multifamily affordable housing, their current portfolio has 52 multifamily communities in 15+ states and 46 senior living communities in 10+ states. Overall, Pivotal Housing Partners is recognized as a leader in developing and managing quality multi-family and senior housing developments.
end