Share to Facebook Share to Twitter Bookmark and Share
File #: 21-3577    Version: 1 Name: Torrence Place Limited Partnership, Lansing, 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): Torrence Place Limited Partnership, Lansing, Illinois Request: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $1,365,000.00 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: $15,900,307.00 Project Loan Amount: $1,365,000.00 Fiscal Impact: $1,365,000.00 Account(s): 11900.1013.53956.580170 HOME 2020 Summary: The loan will partially fund the new construction of Torrence Place, a 48-unit, an affordable, permanent supportive housing development for families and individuals, located at 2320 Thornton-Lansing Rd in Lansing, IL. The total development cost (TDC) is projected at $15,900,307. The requested HOME funds account for nine percent (9%) of the TDC. Additional funding source...
Indexes: SUSAN CAMPBELL, Director, Department of Planning and Development

title

PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM

 

Department:  Planning and Development

 

Other Part(ies):  Torrence Place Limited Partnership, Lansing, Illinois

 

Request:  Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $1,365,000.00 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:  $15,900,307.00

 

Project Loan Amount:  $1,365,000.00

 

Fiscal Impact:  $1,365,000.00

 

Account(s):  11900.1013.53956.580170 HOME 2020  

 

Summary:  The loan will partially fund the new construction of Torrence Place, a 48-unit, an affordable, permanent supportive housing development for families and individuals, located at 2320 Thornton-Lansing Rd in Lansing, IL.  The total development cost (TDC) is projected at $15,900,307. The requested HOME funds account for nine percent (9%) of the TDC.  Additional funding sources include Illinois Housing Development Authority (“IHDA”) Affordable Housing Donation Tax Credits, Low Income Housing Tax Credits (LIHTC), IHDA HOME or Trust Funds, National Equity Fund LIHTC equity syndication and Illinois Facility Fund first mortgage.end