Loans

Cook County Board approves loans for two affordable housing projects in Arlington Heights

Cook County Board approves loans for two affordable housing projects in Arlington Heights
Written by Publishing Team

Cook County commissioners Thursday approved $2 million in 0% loans to developers of two affordable housing projects in Arlington Heights.

The $1 million loans 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 component support housing development. of 25 units. Proposed for 1519-1625 S. Arlington Heights Rd.

“Demand for this type of housing is a need that we must continue to address so that everyone has a safe and affordable place to live,” Cook County Board Chairman Tony Breckwinkle said in an announcement about the funding.

Local zoning changes for Crescent Place were approved in an 8-1 vote for the Arlington Heights Village Council in September, but the other project remains conceptual and has not been approved, said Charles Witherington-Perkins, director of planning and community development for the village.

“We have no detailed plans, architecture or landscaping,” Witherington Perkins said of the proposed housing development by developer Full Circle Communities on a vacant site along Arlington Heights Road. “It’s just a conceptual sketch, and we’ve made some initial comments. It usually happens.”

“I don’t think it’s common or uncommon for an agency or developer to know if they can get funding before spending money on plans and putting an app together,” he said.

Village trustees approved in 2017 the rezoning of the 3.86-acre vacant property from residential and institutional uses to transitional offices, paving the way for a 26,664-square-foot single-story building that includes a medical clinic. But the project never started, and the site has remained vacant ever since.

The county loan will make up 9% of the estimated development cost of $11.6 million. 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 a four-story, 45,000-square-foot apartment building for low- and middle-income families.

The $16 million project is based on $1 million from the county and $15 million from the state. All 20 one-bedroom apartments and 20 two-bedroom apartments will be priced at market rates or below.

The cornerstone has been laid for this spring.

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