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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Zion Development Corporation, Rockford, IL; Pivotal Housing Partners, West Chester, Ohio
Request: Respectfully requesting the Board consider approval of HOME Investment Partnership Program Funds in the amount of $2,200,000.00 (40-year term, 0% interest rate, 1st position HOME loan) that will be used for new construction of 51 units of family housing. The 51-unit development is located at 15330 Center Avenue, Harvey, IL, 60426.
Total Development Cost: $21,082,629.00
Project Loan Amount: $2,200,000.00
Fiscal Impact: $2,200,000.00
Account(s): 11900-1013-54147-580170
Summary: Zion Development Corporation has requested HOME Investment Partnerships Program funds in the amount of $2,200,000.00 (40-year term, 0% interest rate, 1st position HOME loan) that will be used for new construction of 51 units of family housing. The 51-unit development is located at 15330 Center Avenue, Harvey, IL, 60426.
The location of the proposed facility is 20 minutes south of downtown Chicago and centrally located at the crossroads of I-80, I-94, I-57 and I-294.
Harvey Lofts consists of the new construction of 51 units of non-elderly housing in the City of Harvey. The proposed design includes a five-story wood frame with brick veneer building mix of one, two, and three-bedroom units. The facility will include various amenities and services that will keep residents independent and active, including a fitness room, laundry room, tot lot and community room with a kitchen for resident events. All units will have a universal design with energy efficient features, The entire site will have lighting, cameras and key fob-controlled entries. The proposed site includes ample parking for both residents and guests.
The site consists of an existing vacant bank building slated for demolition. The total residential construction is approximately 66,135 SF. There are eight 1-...
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