5.
COMMITTEE VOTE REQUIRED
5.A.
Request to waive the Funding-HOME Applications, Risk Analysis and
Monitoring/Financial Viability of HOME Funded Projects Policy, Section 5. and
recommendation of a Conditional Commitment of $2,400,336 of HOME Investment
Partnerships (HOME) Program funds between DuPage County and Gorman & Company,
LLC – Tower Court Residences – for new construction of 71 units of affordable rental
housing development in Naperville, Illinois, for seniors and persons with disabilities.
Mary Keating, Director of Community Services, provided an update regarding the
approval process for HOME funds. This process involves multiple steps. It starts with a
preliminary set-aside, created mainly for projects applying for Low-Income Housing Tax
Credit (LIHTC) through Illinois Housing Development Authority (IHDA). Since only
about 30% OF LIHTC applications are approved, the preliminary set-aside serves as a
conditional letter of intent, showing potential support without fully committing funds.
The next step is a conditional commitment, which happens when a project is nearly
ready, pending legal agreement among all funding sources. Both current projects have
received LIHTC and aim to close by the end of August. To avoid delays, the request is to
issue the conditional commitment now, even though not all details are finalized. This
allows legal documents to move forward and helps meet necessary committee and board
schedules. A risk analysis is still being completed, but will be finished before final
County Board approval, where actual funds are committed. The Home Advisory Group
remains advisory and does not secure funding.
Chair LaPlante added that a lot of work has gone into both projects especially the Glen
Ellyn project. Many advocates from that community have done an excellent job
raising awareness and engaging with the county board. It is a great roadmap for future
efforts like this project.
On a Roll Call Vote, all Ayes, the motion passed.
APPROVED
Saba Haider
RESULT:
MOVER:
SECONDER:
AYES:
Greg Schwarze
Barfuss, Flint, Haider, Honig, LaPlante, Schwarze, Hennerfeind, and
Bricks
Bastian, Cronin Cahill, Crandall, and Krajewski
ABSENT: