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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): A Safe Haven and West Suburban Neighborhood Preservation Agency (WSNPA) or any other legal entity in formation by A Safe Haven and WSNPA 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: $11,902,595.00
Project Loan Amount: $1,750,000.00
Fiscal Impact: $1,750,000.00
Account(s): 7721301.580170
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 $1,750,000.00 to A Safe Haven and West Suburban Neighborhood Preservation Agency (WSNPA) or any other legal entity in formation by A Safe Haven and WSNPA for the purposes of this project.
This project loan will be utilized to support HOME-eligible project costs incurred during the new construction of thirty-five (35) units of permanent supportive housing for veterans and their families. Eighteen (18) of the 35 units will be HOME-assisted. The total development cost (TDC) is $11,902,595.00. The requested HOME funds account for 14.7 percent of the TDC. Additional funding sources include, IHDA HOME and/or Low-Income Housing Trust Fund loan, a DCEO Energy Grant, and equity generated through the sale of Low-Income Housing Tax Credits (LIHTC).
The requested HOME funds would subsidize the pr...
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