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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Housing Opportunity Development Corporation (HODC) or any other legal entity in formation by HODC for the purposes of this project.
Request: The Department respectfully requests approval of this project, and that the Bureau Chief of Economic Development or their designee be authorized to execute, on behalf of the County of Cook, any and all documents necessary to further the project approved herein, including, but not limited to funding agreements, intergovernmental agreements, amendments, and modifications thereto. The approval of this project by the Honorable Body will permit staff to issue necessary commitments to allow this project to move forward.
Total Development Cost: $3,845,137.00
Project Loan Amount: $250,000.00
Fiscal Impact: $250,000.00
Account(s): 7721401.580170
Summary: The Cook County 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 $250,000 to be provided to Housing Opportunity Development Corporation (HODC) or any other legal entity in formation by HODC for the purposes of this project.
This project loan will be utilized to support HOME-eligible project costs incurred during the new construction of thirteen (13) units of permanent supportive housing for individuals and families with disabilities in Glenview. Two (2) of the thirteen (13) total units will be HOME-assisted. The total development cost (TDC) is $3,845,137.00. The requested HOME funds account for 6.5 percent of the TDC. Additional funding sources include IHDA HOME/BIBP and a DCEO Energy Grant.
The requested HOME funds would subsidize the project via a permanent loan based upon the following terms: A .5%, 30-year loan, payable at .5% interest only, principal accrual until sale, refinance, or end of the loan term. The loan will be due on sale or transferrable with Cook County permission. A twenty (20) year affordability period will also apply.
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