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File #: 16-1056    Version: 1 Name: CDBG -DR Project Loan for Freedom's Path Phase 2
Type: Community Development Block Grant - Disaster Recovery (CDBG-DR) Status: Approved
File created: 1/8/2016 In control: Workforce, Housing & Community Development Committee
On agenda: 2/10/2016 Final action: 3/2/2016
Title: PROPOSED COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERY (CDBG-DR) Department: Planning and Development Other Part(ies): Hines Veterans Residences Limited Partnership, Hines, Illinois Request: CDBG -DR Investment Partnerships Program Project Loan Total Development Cost: $17,361,259.00 Project Loan Amount: $2,000,000.00 Fiscal Impact: None Account(s): 910-1401 Account Summary: The Department of Planning and Development within the Bureau of Economic Development respectfully submits the attached CDBG -DR Investment Partnerships Program (CDBG -DR) project loan recommendation in the amount of $2,000,000.00 to the Hines Veterans Residences Limited Partnership. This project loan will be utilized to support CDBG -DR-eligible project costs incurred during the new construction of a fifty-two (52) unit multi-family rental housing project in Hines, Illinois. All units will be CDBG -DR-assisted. The total development cost (TDC) is $17,361,259.00. The reque...
Indexes: SUSAN CAMPBELL, Director, Department of Planning and Development

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PROPOSED COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERY (CDBG-DR)

 

Department:  Planning and Development

 

Other Part(ies):  Hines Veterans Residences Limited Partnership, Hines, Illinois

 

Request:  CDBG -DR Investment Partnerships Program Project Loan

 

Total Development Cost:  $17,361,259.00

 

Project Loan Amount:  $2,000,000.00

 

Fiscal Impact:  None

 

Account(s):  910-1401 Account

 

Summary:  The Department of Planning and Development within the Bureau of Economic Development respectfully submits the attached CDBG -DR Investment Partnerships Program (CDBG -DR) project loan recommendation in the amount of $2,000,000.00 to the Hines Veterans Residences Limited Partnership.

 

This project loan will be utilized to support CDBG -DR-eligible project costs incurred during the new construction of a fifty-two (52) unit multi-family rental housing project in Hines, Illinois. All units will be CDBG -DR-assisted. The total development cost (TDC) is $17,361,259.00. The requested CDBG -DR funds account for eleven and a half (11.5) percent of the TDC. Additional funding sources include a private mortgage and Illinois Housing Development Authority (IHDA) Low-Income Housing Tax Credits (LIHTC).

 

The requested CDBG -DR funds would subsidize the project via a permanent loan based upon the following terms: A .5% interest only loan with a 30-year loan term as well as a 20-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 his/her 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.

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