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File #: 19-1366    Version: 1 Name: Union Avenue Apartments
Type: HOME Investment Partnerships Program Status: Approved
File created: 1/17/2019 In control: Board of Commissioners
On agenda: 2/21/2019 Final action: 2/21/2019
Title: PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM Department: Planning and Development Other Part(ies): Sertoma Centre, Inc., Alsip, Illinois Request: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $650,000.00 in HOME Investment Partnership Funds (HOME 2018 Grant) for the 24 month construction period and thirty year permanent period with a 1% permanent loan rate. Total Development Cost: $32,985,284 Project Loan Amount: $650,000.00 Fiscal Impact: $650,000 Account(s): N/A Summary: The loan will fund the new construction of a sixteen unit, fully HOME-assisted, fully accessible development, targeted to individuals and families with developmental and physical disabilities under the Permanent Supportive Housing model of operation. The total development cost (TDC) is $32,985,284. The requested HOME funds account for ten percent (10%) of the TDC. Additional funding sources include Illinois Affo...
Indexes: SUSAN CAMPBELL, Director, Department of Planning and Development

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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM

 

Department:  Planning and Development

 

Other Part(ies):  Sertoma Centre, Inc., Alsip, Illinois

 

Request:  Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $650,000.00 in HOME Investment Partnership Funds (HOME 2018 Grant) for the 24 month construction period and thirty year permanent period with a 1% permanent loan rate.

 

Total Development Cost:  $32,985,284

 

Project Loan Amount:  $650,000.00

 

Fiscal Impact:  $650,000

 

Account(s):  N/A

 

Summary:  The loan will fund the new construction of a sixteen unit, fully HOME-assisted, fully accessible development, targeted to individuals and families with developmental and physical disabilities under the Permanent Supportive Housing model of operation.  The total development cost (TDC) is $32,985,284. The requested HOME funds account for ten percent (10%) of the TDC. Additional funding sources include Illinois Affordable Housing Tax Credits and Illinois Housing Development Authority Housing Trust Fund.  The thirty year permanent period with a 1% permanent loan rate will generate program income.

 

The borrower will be Sertoma Centre, Inc., a nonprofit, non-sectarian organization founded in 1970, provides residences, services and supports to nearly 1,700 individuals with developmental and/or intellectual disabilities and those living with mental illness in the City of Chicago and 45 south and southwest suburbs.

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