title
PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Arlington Heights PSH, LLC, Arlington Heights, Illinois
Request: Request the Board approve a HOME Investment Partnership Program Loan in the amount of $1,000,00 with 0% annual interest rate, 30-year term and partially deferred payments.
Total Development Cost: $11,652,184.00
Project Loan Amount: $1,000,000.00
Fiscal Impact: $1,000,000.00
Account(s): 11900.1013.53956.580170
Summary: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $1,000,000 in HOME Investment Partnership Funds for the 12-month construction period and thirty-year permanent period with a 0% permanent loan rate.
The loan will fund the new construction of Arlington Heights PSH, a 25-unit, affordable, permanent supportive housing development for families and individuals, located at 1519-1625 Arlington Heights Rd., Arlington Heights, IL. The total development cost (TDC) is projected at $11,652,184. The requested HOME funds account for nine percent (9%) of the TDC. Additional funding sources include Illinois Housing Development Authority (“IHDA”), IHDA HOME or Trust Funds, Illinois Facility Fund (IFF), ComEd Grant and Illinois Capital Bill.
The borrower will be Arlington Heights PSH, LLC, a sole purpose entity for the subject investment, wholly owned by Full Circle Communities, Inc, specializing in the expansion of quality affordable housing through preservation and development with targeted supportive services to their residents and surrounding communities. They are currently managing more than 850 units across the Midwest.
end