Housing Trust Group has closed on financing and broken ground on Crescent Place, a new $18.2 million affordable housing community in Arlington Heights, roughly 25 minutes north of Downtown Chicago. Apartments at Crescent Place will be reserved for income-qualifying residents who earn at or below 30 and 60% of area median income (AMI), with rents ranging from $524 to $1,258 per month. Eight of the 40 units at Crescent Place are reserved using Section 811 rental assistance for persons with disabilities to live independently in the community. The property is scheduled to deliver in Spring 2023.
Crescent Place is a joint venture between HTG and non-profit developer Turnstone Development Corporation, whose focus is to facilitate the creation and preservation of affordable housing in Illinois and Florida.
Located on a 2.3-acre lot at 310 W Rand Road, the four-story community will offer a mix of one-, and two-bedroom units ranging from 646 square feet to 880 square feet. Amenities will include a community room, library, computer cafe, fitness room, tenant storage compartments, bicycle storage, and 80 outdoor parking spaces (8 of which are designed to meet ADA parking standards). Other features include a resident garden, an outdoor patio, and a walkway tying into the existing public sidewalk system.
Funding sources for Crescent Place include a $10.9 million construction loan and $1.6 million permanent loan from BMO Harris Bank; $12.1 million in 9% Low Income Housing Tax Credit Equity from National Equity Fund (NEF); $4 million from the COVID-19 Affordable Housing Grant Program provided by the Illinois Housing Development Authority; and a $110,214 ComEd grant for building to energy efficient standards.
The project team for Crescent Place includes general contractor Henry Bros Co., civil engineering Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, energy efficiency consultant Eco Achievers and property manager UpHoldings.
