more background information and to clarify this set aside is preliminary and doesn't fully
commit the HOME funds. Upon the completion of the underwriting application, a
conditional commitment recommendation will be returned to this committee for approval.
Julie Hamlin reiterated that Community Development is pleased to be involved with Full
Circle Communities and the Village of Glen Ellyn who collaborated for many years to
bring this project to fruition.
Full Circle Communities has applied to the County for $1.75M in HOME funding to
serve as gap financing for the construction of a three-story, 42-unit building. The
development will include integrated housing for both working families and individuals
with intellectual or developmental disabilities. The development located at 640 Taft
Avenue in Glen Ellyn, will feature a mix of studio, one-bedroom and two-bedroom units
with access to shared amenities. The developer plans to partner with Associated for
Individual Development or AID, to provide optional on-site supportive services for
residents. The total project cost is $21.4M and there is a breakdown of preliminary and
permanent financing sources, which were part of the document review. Julie Hamlin
wanted to point out the key sources, as of this meeting, there will be a bank mortgage of
$2,050,0000 and the project has received low-income housing tax credit investment of
$16,150,274. Additionally, there will be a deferred developer fee of $864,792 and the
HOME loan of $1.75M. There is a ComEd energy efficiency grant of $140,843 and an
Illinois affordable housing tax credit of $445,000. The terms of the HOME loan are
currently being negotiated and will be presented to this committee as part of a conditional
commitment recommendation upon secured financing sources. The investment will
offer ten units designated as County HOME units. Per regulations, at least 20% of these
units must serve households earning at or below 50% of the area median income (AMI),
which is currently $39,250 for a one-person household and $44,852 for a two-person
household, also, referred to as low-HOME units. Full Circle Communities is proposing a
deeper income target and has requested that all 10 County HOME units be designated as
low-HOME units.
All 42 units within the project will be income-restricted and occupied by households
earning at or below 80% of AMI and DuPage County will have ten designated units. The
proposed breakdown of the units; 16 units will serve households at or below 30% of the
area median income (AMI), 4 units at or below 50% AMI, 17 units at or below 60%
AMI, and 5 units at or below 80% AMI. The project is also expected to receive 26
project-based vouchers from the DuPage Housing Authority, ensuring that residents will
pay no more than 30% of their household income toward rent. Additionally, 7 units will
be designated as State Referral Network (SRN) units which serve households at or below
30% AMI. The head of household would have a qualifying disability, including but not
limited to physical developmental, or mental health disabilities, substance use disorders,
HIV/AIDS, experience of gender-based violence, or homelessness/at risk of
homelessness. These units will be filled through the State Referral Network. HOME
units will be subjected to a 20-year regulatory affordability period and County HOME
units must remain affordable as will be defined in the HOME written agreement for the
full 20-year term. There are several contingencies associated with this set-aside which
are outlined in the memo, but Julie Hamlin noted the key requirements:
· Approval of all other funding sources; and
· Completion of an environmental review in accordance with regulations; and
