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No Action Needed. This item was recommended for approval at the 11/14/2023 recessed meeting.
PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): McGaw YMCA, Evanston,
Request: Respectfully requesting the Board consider approval of HOME Investment Partnership Program Funds in the amount of $4,500,000.00 (30-year term, 0% interest rate, 1st position HOME loan) that will be used for the renovation of the 156-unit Single Room Occupancy YMCA residence located at 100 Grove, Evanston, IL.
Total Development Cost: $17,636,000.00
Project Loan Amount: $4,500,000.00
Fiscal Impact: $4,500,000.00
Account(s): 11900-1013-53638-580170
Summary: McGaw YMCA has requested $4,500,000 in Home Investment Partnership (HOME) funds for the rehabilitation of the existing historic YMCA residential facility in Evanston, IL. The loan has a thirty-year term, 0% permanent loan rate and is fully deferred until maturity. The rehabilitation funding will help update mechanical systems, create social spaces, renovate and privatize bath facilities and update residential units and furnishings, extending the life of 156 units for men transitioning to housing stability.
The renovation of the Men's residences will include upgrading the bathing facilities to include privatizing bathing areas, inclusion of social rooms at the residence levels, upgrade to the mechanical systems, remodeling and refurnishing the single room occupancy units, and introducing a new entry for the residences separate from the YMCA recreational facility.
The McGaw YMCA facility dates to 1929. YMCA consolidated operations at the subject location, 1000 Grove Street, in 1968 and began expanding services to support the long term needs of men transitioning through the YMCA. Generally, the YMCA became a transitional facility supporting Men who were transitioning to permanent housing opportunities versus long-term stay at the YMCA. Achieving permanent residen...
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