City staff asked the committee to authorize execution of HOME subrecipient and developer agreements related to Parker Glen Phase 2, a 56‑unit affordable rental development in Champaign.

Braden (staff) told the committee the Urbana Home Consortium — Urbana, Champaign and Champaign County — administers HOME Program dollars; Urbana is the lead entity and executes agreements on behalf of the consortium. The resolution would commit up to $50,000 in Champaign‑budgeted HOME funds to two new residential buildings totaling 56 units (one‑, two‑ and three‑bedroom apartments). The developer, Woda Cooper Companies, received a Low‑Income Housing Tax Credit award from the Illinois Housing Development Authority for the project.

Braden explained HOME funds require a 20‑year affordability period under HOME rules; the LIHTC award carries a 30‑year affordability requirement. He said the total project cost is estimated at about $18.7 million; construction is anticipated to begin in April 2025 with a target completion date in June 2026. Rents and tenant income limits will follow HOME and LIHTC eligibility rules; HOME caps in the staff packet show maximum rents per HUD limits, and selection priorities must reflect income targeting (e.g., units reserved for lower AMI tiers as negotiated). Staff said agreements and rent limits are in the meeting packet and the HOME funds were previously budgeted to Champaign for affordable housing projects in Champaign.

Council placed the matter on the consent agenda for council consideration.