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PROPOSED COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERY (CDBG-DR)
Department: Planning and Development
Other Part(ies): DRE, Inc. or any other legal entity in formation by DRE, Inc. 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: $10,504,453.00
Project Loan Amount: $750,000.00
Fiscal Impact: $750,000.00
Account(s): 9101401.580170
Summary: The Cook County Department of Planning and Development within the Bureau of Economic Development respectfully submits the attached Community Development Block Grant Disaster Recovery (CDBG-DR) project loan recommendation in the amount of $750,000.00 to DRE, Inc. or any other legal entity in formation by DRE, Inc. for the purposes of this project.
This project loan will be utilized to support CDBG-DR-eligible project costs incurred during the rehabilitation of a ninety-six (96) unit multi-family rental housing project in Blue Island, IL. Forty-eight units will be CDBG-DR-assisted. The total development cost (TDC) is $10,504,453.00. The requested CDBG-DR funds account for seven (7) percent of the TDC. Additional funding sources include IHDA Housing Trust Fund, tax exempt bonds, and DCEO Energy Grant.
The requested CDBG-DR funds would subsidize the project via a permanent loan based upon the following terms: A 1%, 30-year loan, payable at 1% interest only, principal accrual until sale, refinance, or end of the loan term. The loan will be due on sale or tra...
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