Cook County Council approves loans for two affordable housing projects in Arlington Heights
Cook County commissioners on Thursday approved $2 million in 0% interest loans to developers of two affordable housing projects in Arlington Heights.
Loans of $1 million each from the county’s HOME Investment Partnership Program will help fund the construction of Crescent Place Apartments, a 40-unit affordable housing complex at 310 W. Rand Road, and Arlington Heights PSH, a permanent supportive housing development of 25 units. proposed for 1519-1625 S. Arlington Heights Road.
“The demand for this type of housing represents a need that we must continue to meet until everyone has safe and affordable housing,” Cook County Council Chairman Toni Preckwinkle said in an announcement. of financing.
Local zoning changes for Crescent Place were approved by an 8-1 vote of the Arlington Heights Village Board of Directors in September, but the other project is still conceptual and has not been approved, said Charles Witherington-Perkins, Village Planning and Community Manager. development.
“We don’t have detailed plans, engineering or landscaping,” Witherington-Perkins said of developer Full Circle Communities’ proposed housing development on a vacant site along Arlington Heights Road. “It’s just kind of a preliminary concept sketch, and we’ve provided some preliminary feedback. It’s typical for that to happen.”
“I don’t think it’s common or uncommon for an agency or developer to check if they can get funding before they spend money on plans and put together an application,” he said. .
In 2017, village administrators agreed to rezone the vacant 3.86-acre property from residential and institutional uses to transitional office use, paving the way for a single-story 26,664-square-foot building that would include a clinic medical. But the project never saw the light of day and the site has remained vacant ever since.
The county loan would represent 9% of the estimated $11.6 million development cost. Other sources of funding include money from the Illinois Housing Development Authority, the Illinois Facility Fund, the state capital bill and a grant from ComEd, officials said.
On Rand Road, Northlake-based Turnstone Development Corp. and Miami-based Housing Trust Group are developing the four-story, 45,000-square-foot Crescent Place apartment building for low- and middle-income families.
The $16 million development is dependent on $1 million from the county and $15 million from the state. The 20 one-bedroom apartments and 20 two-bedroom apartments would be priced at or below market prices.
Groundbreaking is scheduled for this spring.