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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 managemen...
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