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File #: 20-3391    Version: 1 Name: Broadview Senior Residences
Type: HOME Investment Partnerships Program Status: Approved
File created: 7/21/2020 In control: Board of Commissioners
On agenda: 7/30/2020 Final action: 7/30/2020
Title: 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.
Indexes: SUSAN CAMPBELL, Director, Department of Planning and Development

title

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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