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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Evergreen Real Estate Services LLC
Request: Cook County’s Department of Planning and Development requests approval of the investment of $1,750,000 HOME Investment Partnership Program funds to support the new construction of Leyden Apartments, an 80-unit affordable senior housing development to be located at 2450 & 2506-2516 N. Mannheim Road in Franklin Park.
Total Development Cost: $39,132,240.00
Project Loan Amount: $1,750,000.00
Fiscal Impact: $1,750,000.00
Account(s): 11900.1013.53638.580170.00000
Summary: Cook County’s Department of Planning and Development staff recommends the investment of $1,750,000 in HOME Investment Partnership Program (HOME) funds for the acquisition and construction of Leyden Apartments (the Project), a new 80-unit affordable rental housing development for seniors located in west suburban Franklin Park. The County’s HOME loan will be in a subordinate position during the construction term (estimated 16-months) and remain subordinate during the permanent loan (40-year term). The loan will bear interest at a rate of 1.00% with interest-only payments. The County’s $1,750,000 HOME loan ($21,875 per unit) is 4.5% of the $39.1MM total development cost ($489,153 per unit).
Evergreen Real Estate Services LLC (Evergreen), a repeat Cook County borrower, will develop Leyden Apartments (through a single-purpose entity). The Project will contain 80 units of affordable rental housing for seniors in a single, four-story elevator building. Leyden Apartments will feature one- and two-bedroom units. All units will be designated affordable to seniors earning no more than 60% of area median income (AMI) with four (4) units designated at 30% AMI and twelve (12) units at 50% AMI. There will be a part-time service coordinator working directly with property management to coordinate services, activities, and resources for the senior residents.
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