Construction has begun on a 32-unit single-family home subdivision where residents won't have to worry about a utility bill.
Located in Jerseyville, Ill., each threebedroom house will rent for about $590 per month. Solar panels, wind turbines, and other technology will make the Lexington Farms subdivision a rare netzero energy project.
“This development will be rented to rural families that earn less than $41,000 per year,” says Bill Luchini, president of Capstone Development Group. “And, they won't have a gas bill. They won't have a heating bill. When they get their electric bill, it is more likely to be a credit instead of a cost. Green technology will truly make a more affordable and more sustainable life for everyone in the community.”
The $9.7 million project is being fi- nanced with low-income housing tax credit funds from the National Equity Fund. Financing from the Illinois Housing Development Authority ensures that the development will remain affordable for working families for the long term. Additional financing was provided by Sterling Bank.
Capstone's nonprofit partner in the deal is Blackhawk Apartments, Inc.