DuPage CDC committee approves $1.75 million preliminary HOME set-aside for 42-unit Glen Ellyn supportive housing project

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 mortgage, $16,150,274 from low-income housing tax credits, a deferred developer fee of $864,792, a ComEd energy-efficiency grant of $140,843 and an Illinois affordable housing tax credit of $445,000, with the county’s $1,750,000 HOME set-aside filling remaining financing needs.

County staff said the developer asked that all 10 of the county-designated HOME units be targeted to households at or below 50% of area median income (AMI). Under the proposal all 42 units would be income-restricted at or below 80% AMI with a proposed breakdown of 16 units at 30% AMI, 4 units at 50% AMI, 17 units at 60% AMI and 5 units at 80% AMI. The DuPage Housing Authority is expected to provide 26 project-based vouchers to limit residents’ rent burden to 30% of household income, and seven units would be filled through the State Referral Network (SRN) for households at or below 30% AMI with qualifying disabilities or other vulnerabilities.

Staff emphasized the set-aside is preliminary and conditioned on several requirements before the county executes a loan: approval of all other funding sources; completion of an environmental review per applicable regulations; successful purchase of the property from the Village of Glen Ellyn; successful rezoning of the site; final county underwriting after all funding sources are firm; agreement on loan terms; a 20-year regulatory affordability period for the county HOME units; and county approval of the tenant selection plan, affirmative marketing plan, HOME unit lease and other documentation.

"This is very exciting. We're happy to be a part of this project," a county staff member said during the presentation. Martin, a municipal representative speaking for the Village of Glen Ellyn, described the village's role in acquiring and preparing the site and said, "We do not waive building permit fees." Several committee members praised local advocates and village leaders for pursuing the project through multiple public meetings.

The committee vote was taken by roll call and approved the preliminary set-aside. The action is recorded as a preliminary approval to move forward to conditional underwriting and documentation; a final conditional commitment and loan terms will be presented to the committee when financing is secured.

Committee members were also told county staff is underwriting another potential affordable housing project in Naperville, a proposed 71-unit development for seniors and people with intellectual or developmental disabilities; staff said a preliminary set-aside could be brought to the committee in April pending additional information.

Details the committee relied on for its decision — including the final loan terms, environmental review results, zoning approvals and executed financing commitments — were not yet complete at the meeting and remain conditions of the county’s final approval.