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DuPage CDC committee approves $1.75 million preliminary HOME set-aside for 42-unit Glen Ellyn supportive housing project
Summary
The DuPage County CDC executive committee voted to approve a $1,750,000 preliminary set-aside of HOME funds to help finance a 42-unit Full Circle Communities development in Glen Ellyn; approval is conditional on additional underwriting, environmental review and local approvals.
The DuPage County CDC executive committee voted to approve a $1,750,000 preliminary set-aside of HOME Investment Partnership Program funds for a 42-unit affordable housing development at 640 Taft Avenue in Glen Ellyn.
County staff told the committee the project, led by Full Circle Communities, will be new construction: a three-story building with studio, one-bedroom and two-bedroom units that include integrated permanent supportive housing for working families and people with intellectual or developmental disabilities. The committee approved the preliminary set-aside by roll call; a formal conditional commitment will return to the committee after underwriting and documentation are complete.
The recommendation matters because the county money is intended as gap financing in a larger financing package that county staff said totals about $21,400,909. County staff described the preliminary financing sources as including a $2,050,000 bank…
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