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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Oak Park Regional Housing Center, Oak Park, Illinois
Request: Oak Park Regional Housing Center, an Illinois 501c(3) not-for-profit corporation, has requested a $1,500,000.00 Bridge Loan of CDBG-CV funds with a five-year term, a 0% permanent loan rate, and fully deferred to maturity.
Total Development Cost: $1,500,000.00
Project Loan Amount: $1,500,000.00
Fiscal Impact: $1,500,000.00
Account(s): 11900.1013.54026.580170
Summary: Cook County Department of Planning and Development respectfully requests approval to use CDBG-CV Funds to provide an acquisition bridge loan to the long-term redevelopment planned for the existing one-story office property at 1037-1041 South Boulevard, which will be demolished to facilitate an affordable residential mid-rise with approximately 50 units within the City of Oak Park, Illinois.
Primarily, the subject bridge loan will be used to refinance an initial bridge acquisition loan provided by Chicago Community Loan Fund (CCLF) in 2021 to acquire the building from a private owner until the long-term development and financing could be facilitated. Acquisition of the site and maintenance for affordable development are crucial to any potential development.
The proposed newly constructed residential midrise property contemplates a unit mix of one-, two- and three-bedroom units for individuals and families earning less than 80% of the Area Median Income, with tiered affordability to the 50% level.
Development financing and design elements will be undertaken within the 24 Month period following subject closing with potential construction targeted for late Fall 2028. The subject bridge financing contemplates holding the current building for approximately two years, to allow facilitation of acquiring financing for the proposed development from sources including Illinois Housing Development Authority tax credits and s...
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