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File #: 16-2483    Version: 1 Name: Proposed Community Development Block Grant - Disaster Recovery (CDBG - DR)
Type: HOME Investment Partnerships Program Status: Approved
File created: 3/29/2016 In control: Workforce, Housing & Community Development Committee
On agenda: 4/13/2016 Final action: 5/11/2016
Title: PROPOSED PROPOSED COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERY (CDBG-DR) Department: Planning and Development Other Part(ies): Presidio Capital, LLC, Hinsdale, Illinois Request: Approval of a CDBG - DR Loan with Developer and Homebuyer Subsidies Total Development Cost: $7,000,000.00 Project Loan Amount: $7,000,000.00 Fiscal Impact: None Account(s): N/A Summary: The Department of Planning and Development within the Bureau of Economic Development respectfully submits the attached Community Development Block Grant - Disaster Recovery project loan recommendation in the amount of $7,000,000.00 to Presidio Capital, LLC. This project loan will be utilized to support CDBG -DR-eligible project costs incurred during the new construction of 29 new townhomes and single family homes in Cicero, Illinois as replacement housing for households displaced by the 2013 Flood. The area of Cicero where these homes will be built (northeast corner) is not in a 100 y...
Indexes: (inactive) MICHAEL JASSO, Chief, Bureau of Economic Development
title
PROPOSED PROPOSED COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERY (CDBG-DR)

Department: Planning and Development

Other Part(ies): Presidio Capital, LLC, Hinsdale, Illinois

Request: Approval of a CDBG - DR Loan with Developer and Homebuyer Subsidies

Total Development Cost: $7,000,000.00

Project Loan Amount: $7,000,000.00

Fiscal Impact: None

Account(s): N/A

Summary: The Department of Planning and Development within the Bureau of Economic Development respectfully submits the attached Community Development Block Grant - Disaster Recovery project loan recommendation in the amount of $7,000,000.00 to Presidio Capital, LLC. This project loan will be utilized to support CDBG -DR-eligible project costs incurred during the new construction of 29 new townhomes and single family homes in Cicero, Illinois as replacement housing for households displaced by the 2013 Flood. The area of Cicero where these homes will be built (northeast corner) is not in a 100 year flood plain, but is near transit and meets the new energy star ratings for new construction. The construction of these units is in keeping with Planning for Progress and the CDBG -Disaster Recovery Action Plan.

The requested CDBG -DR funds would subsidize the project via a permanent loan based upon the following terms:

Loan Type: Construction Loan will be provided to the Developer, and then the down payment assistance will be recorded as Second Mortgage by Cook County and remain subordinate to the permanent first mortgage to the homebuyer

Interest Rate: The loan will be a zero percent (0%) interest repayable of the sale of each home to a qualified homebuyer

Loan Term: The Project is estimated to have a "construction" phase of (12) months to complete with a detailed schedule to be set forth in final loan documents subject to the guidance and final approval of HUD.

Lien Position: County is the sole lender and recorded in first position during construction ...

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