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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Ross Financial Services, Northbrook, Illinois
Request: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $1,700,000.00 in HOME Investment Partnership Funds for the 24 month construction period and thirty year permanent period with a 1% permanent loan rate.
Total Development Cost: $20,890,800.00
Project Loan Amount: $1,700,000.00
Fiscal Impact: None, Grant Funded
Account(s): 11900.1013.53740.580170
Summary: The loan will fund the new construction of a 70-unit, HOME-assisted, affordable housing development targeting seniors 55 years of age and older. The total development cost (TDC) is projected at $20,890,800. The requested HOME funds account for slightly less than nine percent (8.1%) of the TDC.
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