Loans

Affordable Housing Loans Approved For Arlington Heights

Patch News
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ARLINGTON HEIGHTS, Illinois – Two local affordable housing projects received some funding Thursday after a vote by the Cook County Board of Commissioners. The Board of Directors has approved loan financing of $2.6 million from the Home Investment Partnership Program for new, affordable and permanent supportive housing projects located in Arlington Heights and Suki.

The Home Investment Partnership Program loans are an investment Cook County has made to grow supportive, affordable housing development projects for families and individuals in asset-rich communities in Cook County, according to a press release.

“Cook County is proud to offer Home Investment Loan financing for the development of these important and essential residential projects,” said Cook County Board of Directors Chairman Tony Breckwinkle. “The demand for this type of housing is a need that we must continue to meet until everyone has a safe and affordable place to live.”

Financing of a residential project in Skokie has also been approved. The two projects in Arlington Heights, which each received $1 million at 0% interest, are:

Arlington Heights PSH Consists of a new build 25 unit, affordable, permanent supportive housing development for families and singles, located at 1519-1625 Arlington Heights Road. Additional funding sources include the Illinois Housing Development Authority, IHDA HOME or Trust Funds, the Illinois Facilities Fund, the ComEd Grant, and the Illinois Capital Bill. The property will be wholly owned by Full Circle Communities, Inc, which specializes in expanding high-quality, affordable housing through conservation, development and providing targeted supportive services to its residents and surrounding communities, according to the press release.

310 Arlington Heights LLC, Arlington Heights, featuring new construction located at 310 W. Rand Road, will be a family-friendly residential community for low- and middle-income families, and will consist of 40 housing units including 20 one-bedroom units and 20 two-bedroom units. The building will be built in accordance with the National Green Building Standards. The development will offer several resident programs focused on adult literacy, financial management, and employment assistance. All programs are free to residents. The project will provide on-site amenities to facilitate social spaces and convenient access to services including an on-site property manager, community/media, fitness and laundry rooms.

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