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Meeting date/time:
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3/2/2016
9:00 AM
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Minutes status:
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Draft
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Meeting location:
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Cook County Building, Board Room, 118 North Clark Street, Chicago, Illinois
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16-1902
| 1 | | | Committee Minutes | COMMITTEE MINUTES
Approval of the minutes from the meeting of 1/13/2016 | | |
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16-1053
| 1 | | Community Development Block Grant - Disaster Recovery Loan - Beds Plus, Inc. in La Grange | Community Development Block Grant - Disaster Recovery (CDBG-DR) | PROPOSED COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERY (CDBG-DR)
Department: Planning and Development
Other Part(ies): BEDS Plus Care, Inc., LaGrange, Illinois
Request: CDBG - DR Program Project Loan
Total Development Cost: $5,791,750.00
Project Loan Amount: $1,300,000.00
Fiscal Impact: None
Account(s): 910-1401
Summary: The Bureau of Economic Development respectfully submits the attached CDBG - DR Program project loan recommendation in the amount of $1,300,000.00 to a to-be-formed Partnership solely owned by BEDS Plus Care, Inc. This project loan will be utilized to support CDBG - DR eligible project costs incurred during the new construction of twenty (20) units of permanent supportive housing for chronically homeless individuals. All 20 units will be CDBG - DR-assisted. The total development cost (TDC) is $5,791,750.00. The requested CDBG - DR funds account for twenty two (22) percent of the TDC. Additional funding sources include IHDA Trust Fund, Federal Home Loan Bank’s Affordable Housing Program, Illinois Donations Tax Credits, Lyon’s To | | |
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16-1056
| 1 | | CDBG -DR Project Loan for Freedom's Path Phase 2 | Community Development Block Grant - Disaster Recovery (CDBG-DR) | PROPOSED COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERY (CDBG-DR)
Department: Planning and Development
Other Part(ies): Hines Veterans Residences Limited Partnership, Hines, Illinois
Request: CDBG -DR Investment Partnerships Program Project Loan
Total Development Cost: $17,361,259.00
Project Loan Amount: $2,000,000.00
Fiscal Impact: None
Account(s): 910-1401 Account
Summary: The Department of Planning and Development within the Bureau of Economic Development respectfully submits the attached CDBG -DR Investment Partnerships Program (CDBG -DR) project loan recommendation in the amount of $2,000,000.00 to the Hines Veterans Residences Limited Partnership.
This project loan will be utilized to support CDBG -DR-eligible project costs incurred during the new construction of a fifty-two (52) unit multi-family rental housing project in Hines, Illinois. All units will be CDBG -DR-assisted. The total development cost (TDC) is $17,361,259.00. The requested CDBG -DR funds account for eleven and a half (11.5) percent of the TDC. Additional funding sour | | |
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16-1058
| 1 | | Community Development Block Grant - Disaster Recovery - Project Loan - Ford Heights Coop | Community Development Block Grant - Disaster Recovery (CDBG-DR) | PROPOSED PROPOSED COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERY (CDBG-DR)
Department: Planning and Development
Other Part(ies): Ford Heights Cooperative, Inc., Ford Heights, Illinois
Request: CDBG -DR Project Loan
Total Development Cost: $3,200,000.00
Project Loan Amount: $3,200,000.00
Fiscal Impact: None
Account(s): 910-1401
Summary: Transmitted herewith is a request for approval of a Community Development Block Grant - Disaster Recovery (CDBG - DR) loan in the amount of $3,200,000.00 to Ford Heights Cooperative, Inc. This project loan will be utilized to support CDBG -DR-eligible project costs incurred during the renovation - flood mitigation of a one hundred (100) unit single-family rental cooperative housing project in Ford Heights. All units will be CDBG -DR-assisted and the project is classified as cooperative housing. Six (6) of the units will be demolished, due to the fact they are no longer habitable, the remaining ninety four (94) will receive various amounts of repair and flood mitigation work and then a rain garden will be added to | | |
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16-1059
| 1 | | HOME Investment Partnership Loan - Garden House of Park Forest | HOME Investment Partnerships Program | PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Related Affordable, Chicago, Illinois
Request: HOME Investment Partnerships Program Project Loan Approval
Total Development Cost: $21,067,916.00
Project Loan Amount: $2,500,000.00
Fiscal Impact: None
Account(s): 772-1501 Account
Summary: The Bureau of Economic Development respectfully submits the attached HOME Investment Partnerships Program (HOME) project loan recommendation in the amount of $2,500,000.00 to Related Affordable, Inc. This project loan will be utilized to support HOME-eligible project costs incurred during the rehabilitation of a one hundred forty five (145) unit multi-family rental housing project in Park Forest, IL. All one hundred and forty-five (145) units will be HOME-assisted. The total development cost (TDC) is $21,067,916.00. The requested HOME funds account for seventeen (17) percent of the TDC. Additional funding sources include IHDA Housing Trust Fund, tax exempt bonds.
The requested HOME funds would subsidize the project v | | |
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