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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Beds Plus, Inc., LaGrange IL
Request: Cook County’s Department of Planning and Development requests approval of the investment of $3,300,000 in HOME Investment Partnership ARPA Program to facilitate the initial acquisition of the land and subsequent construction of a new three-story residential Permanent Supportive Housing property with 25 Units for individuals with physical and mental difficulties.
Acquisition is contemplated to be $1,250,000 with carry costs for a twelve-month period, Construction period is estimated for the following eighteen (18) months, with a permanent period of thirty years for operations.
The initial period of Acquisition and Construction totaling 30 months will be at 0% interest followed by the thirty-year permanent term with a 0% interest rate, deferred payment of principal during the permanent period.
Total Development Cost: $16,491,989.00
Project Loan Amount: $3,300,000.00
Fiscal Impact: $3,300,000.00
Account(s): 11900.1013.54211.580171.0000
Summary: Cook County’s Department of Planning and Development requests approval of the investment of $3,300,000 in HOME Investment Partnership ARPA Program to facilitate the initial acquisition of the land and subsequent construction of a new three-story residential Permanent Supportive Housing property with 25 Units for individuals with physical and mental difficulties located at 12147 S. Cicero Avenue, Alsip, IL 60803, commonly known as the Stony Creek Apartments.
Acquisition is contemplated to be $1,250,000 with carry costs for a twelve (12) month period, Construction period is estimated for the following eighteen (18) months, with a permanent period of thirty years for operations.
The initial period of Acquisition and Construction totaling 30 months will be at 0% interest followed by the thirty-year permanent term with a 0% interest rate, deferred payment of principal during the permanent period.
The subject site includes an existing church building, single-family home, and detached garage that are scheduled for demolition, for which the County has received approval of the Illinois State Preservation Historical Office (SHPO).
BEDS Plus proposes to develop a 25-unit PSH community in Alsip, Illinois, featuring 25 one-bedroom apartments, each designed with full eat-in kitchens, private bathrooms, dedicated living rooms, and access to community space, offices for onsite support staff, and a range of resident-focused amenities designed to enhance service delivery and promote housing stability.
Beds Plus is a faith-based developed in 1988, based in LaGrange, to provide services for individuals with chronic mental illness, physical disabilities and experiencing chronic homelessness, evolving into real estate development and management of permanent supportive housing (PSH) and temporary shelter elements.
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