Housing Trust Group (HTG), a leading affordable and workforce housing developer, has broken ground on its first Illinois community.
The firm is developing Crescent Place, which will bring 40 affordable apartment to Arlington Heights, about 25 minutes north of downtown Chicago.
The homes will be reserved for residents earning up to 30% and 60% of the area median income (AMI), with rents ranging from $524 to $1,258 per month. Eight units will have Section 811 rental assistance for persons with disabilities to live independently in the community.
Crescent Place is a joint venture between HTG and Turnstone Development Corp., a nonprofit that facilitates 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 (IHDA) 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.”
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, a library, a computer cafe, a fitness room, tenant storage compartments, bicycle storage, and 80 outdoor parking spaces, including eight designed to meet Americans with Disabilities Act parking standards. Other features include a resident garden, an outdoor patio, and a walkway tying into the existing public sidewalk system.
Funding for the $18.2 million community includes a $10.9 million construction loan and a $1.6 million permanent loan from BMO Harris Bank; $12.1 million in 9% low-income housing tax credit equity from National Equity Fund; $4 million from the COVID-19 affordable housing grant program provided by IHDA; and a $110,214 ComEd grant for building to energy-efficient standards.
The project team includes general contractor Henry Bros Co., civil engineer Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, energy-efficiency consultant Eco Achievers, and property manager UpHoldings.
Headquartered in Florida, HTG develops, builds, and manages a diverse portfolio of affordable, workforce, and market-rate housing and mixed-use developments. Its real estate transactions exceed $3 billion in commercial, land, and residential developments across Arizona, Florida, Illinois, and Texas.