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Developer seeks HRA subsidy to hold nine units at 60% AMI; board discusses funding but takes no final action
Summary
A developer (The Heights) requested an HRA subsidy to allow nine units to rent at 60% area median income. Staff said the subsidy would be $340 per unit per month (about $4,080 per unit annually) for a total of $36,720 annually and requested a minimum five‑year commitment; the board discussed funding sources but did not vote.
HRA staff presented a request from a developer identified as The Heights to subsidize nine units at 60% area median income (AMI) in a project expected to open in September. Jason Hale said the subsidy needed to hold rents at 60% AMI would equal $340 per unit per month, or $4,080 annually per unit. For nine units, Hale calculated a total annual subsidy of $36,720.
Hale said the developer seeks at least a five‑year commitment to provide stability for tenants and requested that the HRA consider the subsidy subject to funding availability. He noted that if the developer is successful in building an additional phase, those tenants could be given a right of first refusal into the new building. Hale told the board that the HRA's 2025 budget includes $75,000 for development‑related expenses and that closing on a property (the transcript reference: Toffty property) could add roughly $40,000, while a $250,000 loan repayment from 1 Roof is another potential resource.
No formal board action was taken on the subsidy request at the Jan. 15 meeting; commissioners discussed the proposal, potential funding sources, the goal of stabilizing tenants, and a possible extension of the term if funding becomes available.
A commissioner disclosed a financial interest in a Cook County Community Real Estate Fund (disclosure was read into the record); the board did not vote on this item during the meeting.
