During January's Board meeting, Cook County approved funding to build 65 new units of affordable housing in Arlington Heights.
The HOME Investment Partnerships Program funds play a crucial role in providing, and maintaining, quality affordable housing throughout Cook County. The program gives communities the ability to fund a wide range of affordable housing for rent or homeownership, most often achieved in partnership with local nonprofit groups. The loans carry a 0% interest rate for a 30-year term.
The first item, 22-1051, loans $1,000,000 to the construction of a 25-unit affordable, permanent supportive housing development for both families and individuals at 1519-1625 Arlington Heights Road in Arlington Heights. In total, the development is projected to cost $11,642,184 and will be overseen by Arlington Heights PSH, LLC, a group wholly owned by Full Circle Communities. Currently managing more than 850 units across the midwest, Full Circle Communities specializes in the expansion of affordable housing through preservation and development.
The second item, 22-1072, loans another $1,000,000 for the construction of a 40 unit four-story building for low- to moderate-income families at 310 W. Rand Road, in Arlington Heights. Twenty of the units will be one-bedroom and the remaining 20 units will be two-bedrooms. Turnstone Development Corporation, a Community Housing Development Organization (CHDO), is responsible for the development of over 1,600 affordable housing units and will be at the helm of this particular project.
Cook County's Affordable Housing Programs rely on HOME funds, as well as Community Development Block Grants (CDBG) and HUD Emergency Solution Grants (ESG) grants. The Housing Authority of Cook County (HACC) also uses HOME funds to provide adequate and affordable housing. HACC is a quasi-governmental agency that maintains numerous buildings in suburban Cook County, and partners with over 7,000 private property owners in the Housing Choice Voucher (HCV) program.