Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on Crescent Place, a new $18.2 million affordable housing community in Arlington Heights, Illinois – roughly 30 minutes north of Downtown Chicago. Apartments at Crescent Place will be reserved for income-qualifying residents who earn at or below 30 and 60 percent of area median income (AMI), with rents ranging from $524 to $1,258 per month. The property is scheduled to deliver in the Spring of 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.
“We are delighted to enter the state of Illinois with the development of Crescent Place, which will provide 40 high-quality, affordable apartments for small families and young professionals who want to live close to where they work,” said Matthew A. Rieger, President and CEO of HTG. “We are deeply grateful to the Illinois Housing Development Authority and Cook County for their support, to our development partner Turnstone, and to the many neighborhood advocates who championed this project on behalf of those who are suffering the most from the ongoing affordable housing crisis. We look forward to bringing HTG’s signature high-quality affordable housing to a community that needs it.”
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.