Cook County Board President Toni Preckwinkle attended a ribbon cutting in Summit, Ill. for the grand opening of a Senior Housing Development made possible in part by a $2.7 million HOME Investment Partnership Program loan (HOME).
“With the economy struggling right now, I am proud that Cook County is able to help residents when we can by providing loans to important projects like this one,” said Cook County Board President Toni Preckwinkle. “I’ve been a long-time advocate of affordable housing and these homes can help provide relief for people who have been hit by the foreclosure crisis or to those who have struggled during the worst economic downturn of our life time. This is clearly a vital project and a welcome addition to the Summit community.”
The project, located on the site of the former Robert Allison Public Housing Development, consists of the construction of a 78 unit rental housing development in Summit. The development consists of an 18 unit, 2-story building located at 7455 West 63rd Pl. and a 60 unit, 4 story building located at 7460 West 63rd Pl. All units will be set-aside for low-income households earning 80 percent or less of the area median income.
The total development cost is roughly $13.6 million. Cook County has provided $2.7 million through a HOME loan to support some construction costs. A total of 19 units will be HOME-assisted (1 in the 60 unit building, 18 in the 18 unit building). The project will provide permanent affordable housing for seniors and will be highly energy efficient, meeting Energy Star standards and all State green building standards.
Joining President Preckwinkle at the ribbon cutting were Cook County Board Commissioners Jesus “Chuy” Garcia (D-7th), Joan Murphy (D-6th) and Jeffery Tobolski (D-16th).