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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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