Model Public-Private Development Supported by Federal Funds
ROCK ISLAND, IL – September 22, 2011 – (RealEstateRama) — A new housing development opened today in Rock Island that will provide affordable and quality apartments for persons with special needs so they can live in a community setting.
Mary Kenney, executive director of the Illinois Housing Development Authority (IHDA), which financed the project, joined officials with the U.S. Department of Housing and Urban Development (HUD) and Rock Island Housing Authority to celebrate the opening of Cascade Garden. The construction of Cascade Garden created nearly 30 jobs, and produced 70 quality affordable rental homes for families with at least one family member with special needs.
“Accessible, affordable housing is essential for people with disabilities to live independently in their communities. Cascade Garden was made possible as a result of federal stimulus funding,” Kenney said. “Under Governor Pat Quinn, Illinois has invested federal housing stimulus dollars to create 4,855 jobs and 5,500 affordable housing units statewide.”
As the state’s housing finance agency, IHDA allocated $8.7 million in federal American Recovery and Reinvestment Act (ARRA) funds to build the rental homes.
President Barack Obama’s Recovery Act created the financial incentive to jumpstart construction on Illinois affordable housing developments that stalled due to the collapse of the federal Low-Income Housing Tax Credit (LIHTC) market. Stimulus funds provide financing options to developers to help advance Illinois’ economy and put affordable housing developments back on track.
Residents must earn at or below 60 percent of the area median income, or $26,940 for an individual in Rock Island County, according to HUD guidelines. Monthly rents range from $324 to $787 depending on unit size and income. (For leasing information, contact (309) 283-2299.)
Cascade Garden was developed in partnership with Express Development, Inc., Community Housing Services (CHS) and Tyson & Billy Development, LLC. The development includes eight two-bedroom units, 46 one-bedroom units and 14 three-bedroom units – plus a community room with a full kitchen, a library and a computer lab. In addition, Cascade Garden families will have access to supportive services and activities through the Robert Young Center.
“We have had tremendous response to Cascade Garden. The property is a huge investment in the community that fills a need for Rock Island residents,” said Susan Anderson, executive director of Rock Island Housing Authority and CEO of Community Housing Services, the agency’s nonprofit affiliate.
