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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Garden of Prayer Youth Center, Kankakee, IL; Heyy Girl Foundation, Women's Empowerment Center and Network, Park Forest, IL
Request: Cook County's Department of Planning and Development requests approval of the investment of $1,950,000 in HOME Investment Partnership ARPA Program funds to facilitate the acquisition, moderate rehabilitation and stability of a former parish campus in Park Forest comprised of 6.4 acres with four primary buildings including a vacated school, church and rectory buildings.
The acquisition investment will lay the groundwork for the conversion of the campus in a hub for homeless and economic development services with an underlying shelter capacity of approximately 50 units of housing for families headed by young women either pregnant or parenting and those at risk of or currently experiencing homelessness.
Acquisition and stability costs are estimated to be $1,950,000 over an eighteen-month period, with Acquisition of $1,250,000 completed by October 2026, with stabilization and moderate rehab within the residential buildings over the next twelve months to meet requirements of residency for the young families and credential approval of the operators.
The Acquisition and Stabilization period will be followed by a permanent period of thirty years for operations.
The initial period of Acquisition and Construction totaling 18 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: $1,950,000
Project Loan Amount: $1,950,000
Fiscal Impact: $1,950,000
Account(s): 11900.1013.54211.580171.0000
Summary: Cook County's Department of Planning and Development requests approval of the investment of $1,950,000.00 in HOME Investment Partnership ARPA Program to facilitate the initial acquisition of ...
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