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File #: 14-4557    Version: 1 Name: HOME INVESTMENT PARTNERSHIPS PROGRAM
Type: HOME Investment Partnerships Program Status: Approved
File created: 8/5/2014 In control: Board of Commissioners
On agenda: 9/10/2014 Final action: 9/10/2014
Title: PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM Department: Planning and Development Other Part(ies): Evanston Senior Redevelopment, LLC, of which the Housing Authority of Cook County is the Managing Partner. Request: Approval of a HOME Investment Partnership Loan to the Evanston Senior Redevelopment, LLC in the amount of $3,649,235 less a to be determined amount from the City of Evanston Total Development Cost: $25,738,775.00 Project Loan Amount: $3,649,235 less $150,000.00 from the City of Evanston, pending Evanston Board approval Fiscal Impact: 3,649,235 less $150,000.00 from the City of Evanston, pending Evanston Board approval Account(s): 772-847 Summary: The Department of Planning and Development within the Bureau of Economic Development respectfully submits the attached HOME Investment Partnerships Program (HOME) project loan recommendation in the amount of $3,649,235 less $150,000 from the City of Evanston, pending Evanston Board approval, to the...
Indexes: (Inactive) MICHAEL JASSO, Director, Department of Planning and Development
title
PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM

Department: Planning and Development

Other Part(ies): Evanston Senior Redevelopment, LLC, of which the Housing Authority of Cook County is the Managing Partner.

Request: Approval of a HOME Investment Partnership Loan to the Evanston Senior Redevelopment, LLC in the amount of $3,649,235 less a to be determined amount from the City of Evanston

Total Development Cost: $25,738,775.00

Project Loan Amount: $3,649,235 less $150,000.00 from the City of Evanston, pending Evanston Board approval

Fiscal Impact: 3,649,235 less $150,000.00 from the City of Evanston, pending Evanston Board approval

Account(s): 772-847

Summary: The Department of Planning and Development within the Bureau of Economic Development respectfully submits the attached HOME Investment Partnerships Program (HOME) project loan recommendation in the amount of $3,649,235 less $150,000 from the City of Evanston, pending Evanston Board approval, to the Evanston Senior Redevelopment, LLC.
This project loan will be utilized to support HOME-eligible project costs incurred during the renovation of two senior high rise buildings containing one hundred and ninety nine (199) units in Evanston, Illinois. All units will be HOME-assisted. The total development cost (TDC) is $25,738.775. The requested HOME funds account for fourteen (14) percent of the TDC. Additional funding sources include a private mortgage, Replacement Housing Factor Funds from HUD, Donation Tax Credits and Illinois Housing Development Authority (IHDA) Low-Income Housing Tax Credits (LIHTC).
The requested HOME funds would subsidize the project via a permanent loan based upon the following terms: A .5% interest only loan with a 40-year loan term as well as a 15-year affordability period. The loan will be due on sale or transferrable with Cook County permission.
I respectfully request approval of this project, and that the Bureau Chief of Economic Development or ...

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