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File #: 21-3576    Version: 1 Name: South Suburban Senior Housing Limited Partnership, Chicago, Illinois
Type: HOME Investment Partnerships Program Status: Approved
File created: 6/2/2021 In control: Board of Commissioners
On agenda: 6/24/2021 Final action: 6/24/2021
Title: PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM Department: Planning and Development Other Part(ies): South Suburban Senior Housing Limited Partnership, Chicago, Illinois Request: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $1,500,000.00 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: $24,754,212.00 Project Loan Amount: $1,500,000.00 Fiscal Impact: $1,500,000.00 Account(s): 11900.1013.53593.580170 Project 23741 Award 10757 - $463,743.58 11900.1013.53956.580170 Project 26103 Award 11412 - $1,036,256.42 Summary: The loan will fund the rehabilitation of South Suburban Senior Housing facility, a 120-unit, existing Senior complex serving residents 55 and older, located at 178 East 155th Street in Harvey, IL. The total development cost (TDC) is projected at $24,754,212. The...
Indexes: SUSAN CAMPBELL, Director, Department of Planning and Development

title

PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM

 

Department:  Planning and Development

 

Other Part(ies):  South Suburban Senior Housing Limited Partnership, Chicago, Illinois

 

Request:  Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $1,500,000.00 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:  $24,754,212.00

 

Project Loan Amount:  $1,500,000.00

 

Fiscal Impact:  $1,500,000.00

 

Account(s):  11900.1013.53593.580170 Project 23741 Award 10757 - $463,743.58

11900.1013.53956.580170 Project 26103 Award 11412 - $1,036,256.42  

 

Summary:  The loan will fund the rehabilitation of South Suburban Senior Housing facility, a 120-unit, existing Senior complex serving residents 55 and older, located at 178 East 155th Street in Harvey, IL.  The total development cost (TDC) is projected at $24,754,212. The requested HOME funds account for five percent (5%) of the TDC.  Additional funding sources include Illinois Housing Development Authority Tax Exempt Bonds and Low-Income Housing Tax Credits (LIHTC), Owner financing and National Equity Fund LIHTC equity syndication.

 

The borrower will be South Suburban Senior Housing Limited Partnership, a sole purpose entity for the subject investment, wholly owned by POAH Development Corporation through its wholly owned subsidiary South Suburban Senior Housing Corporation which will serve as the General Partner.

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