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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Quentin Apartments - Palatine, LLC with members Lutheran Social Services of Wisconsin and Northpointe Development II Corporation Oshkosh, WI
Request: Respectfully request the Board consider approval of HOME Investment Partnerships Program fund for a loan in the amount of $1,900,000 for an eighteen (18) month construction period, and a 30-year permanent term with 0% interest rate. The funds will be used to find a portion of the new construction of a 58-unit Affordable Family Rental Community in Palatine, IL.
Total Development Cost: $30,772,222.00
Project Loan Amount: $1,900,000.00
Fiscal Impact: $1,900,000.00
Account(s): 11900-1013-54147-580170
Summary: Quentin Apartments - Palatine LLC (Quentin Apartments - Palatine) has requested HOME Investment Partnerships Programs funds in the amount of $1,900,000.00 for an eighteen (18) month construction period, and a 30-year permanent term with )% interest rate. The funds will be used to fund a portion of the new construction of an 58-unit Affordable Family Rental Development community in Palatine, IL.
The proposed facility is a three-story, wood-framed building with a brick veneer, serviced with an elevator and containing fifty-eight (58) units, including 24 one-bedroom, 19 two-bedrooms and 15 three-bedroom units. 12 units will receive fifteen-year Project Based Rental Assistance. Contracts via the Housing Authority of Cook County to support very-low-income residents.
The subject site, located at 301 W. Johnson Street, at the cross-streets of Johnson and Washington Streets in Palatine, Illinois, encompassing approximately 3.87 acres of a 4.87 site that includes adjacencies to Salt Creek wetlands which will be excluded from the development site.
The new development will consist of one three-story building with will include the combination of one-, two-, and three-bedroom units, underground p...
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