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MegadealsSubsidy Tracker Individual Entry
Company: Hispanic Housing Development Corporation
Parent Company:
Subsidy Source: local
Location: Illinois
City: Chicago
County: Cook
Address: 4800 W George St
Project Description: This proposed project, which will be located in the Belmont-Cragin community area, will consist of new construction of a six-story, 70 unit building for seniors age 55 and over. Of the 70 units, 61 will be for seniors whose incomes range between 30-60% of area median income (AMI), eight will be for seniors whose incomes range at or below 80% AMI and one will be set-aside as a janitors' apartment. The unit mix consists of one studio, 64 one-bedroom and five two-bedrooms. In addition to the units, the building will contain a community room, exercise/wellness room, atrium, community garden, terrace and laundry room. There will also be a total of 23 on-site parking spaces. Additionally, the building will contain a water retention system, green roof, permeable pavers, and double glazed low "E" coated windows. The total development costs for this project is $21,075,896, which computes to $301,084 per unit. SOURCES: USES: TIF (Belmont/Cicero) $4,000,000 Acquisition $ 2,789,000 HED Loan Funds 5,186,787 Construction 14,888,633 FHLB AHP 420,000 Soft Costs 1,857,400 DCEO Grant 320,000 Developer Fee 1,000,000 Syndicator Equity* 10,925,000 Reserves 540,863 Com-Ed Grant 33,666 Geo-thermal Grant 115,343 ICEF Grant 75,000 G.P. Equity 100 *City 9% LIHTCs of $1,150,000 with a proposed pay-in rate of $0.95/$1.00. Square footage totals: Building gross - 69,390; building net - 48,236 Construction costs: Per gross s.f. - $214.56; per net s.f. - $308.66 Total development costs: Per gross s.f. - $303.73; per net s.f. - $436.93 DEVELOPMENT TEAM: Developer - Hispanic Housing Development Corp. Owner - Cicero and George Limited Partnership Architect - Weese Langley Weese G.C. - Tropic Construction Attorney - Applegate and Thorne Thomsen Equity Syndicator - TBD
Year: 2017
Subsidy Value: $4,000,000
Program Name: Chicago: Tax Increment Financing
Awarding Agency: Chicago Department of Housing and Economic Development
Type of Subsidy: tax increment financing
Capital Investment: $22,175,624
Source of Data:
(click here)
Notes: Subsidy is issued for Belmont/Cicero TIF district. Year is year credit approved. Capital investment is total project cost.
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