07/01/2024
Affordable Housing Fund Applications Available
The Kane-Elgin HOME Commission is pleased to announce that it is now accepting development proposals under its Affordable Housing Fund. Gap financing is available under the program, and both homeownership and rental projects will be considered.
Approximately $3.9 million is available to finance the development of affordable housing under this Call for Projects. For 2024, the Affordable Housing Fund has been capitalized by the City of Elgin, the City of St. Charles, and Kane County. The City of Elgin and Kane County have contributed federal funds from the U.S. Department of Housing and Urban Development, and the City of St. Charles has contributed funds from its Housing Trust Fund. These financial resources will be made available to eligible entities for housing development (or redevelopment) projects that meet the guidelines of the Affordable Housing Fund, and are responsive to the evaluation criteria established for the program. The Commission is particularly interested in development proposals that further the following objectives:
· Creation of affordable workforce housing that is in reasonable proximity to employment centers;
· Creation of high-quality housing in areas of the County characterized by substandard housing, high-cost housing or generally have a negative neighborhood image; and
· Redevelopment of vacant/foreclosed properties that adversely impact neighborhoods.
The Affordable Housing Fund is administered by the Kane County Office of Community Reinvestment under the oversight of the Kane-Elgin HOME Commission, a city-county commission formed for the purpose of accessing federal funds to address the area’s housing needs. It provides gap financing under flexible terms to non-profit and for-profit developers for the acquisition, rehabilitation, or new construction of housing that would otherwise be financially infeasible. Developers interested in obtaining application materials may go to Affordable Housing Fund Documents, or call (630) 444-2960. Completed proposals must be received by 4:00 pm, August 12, 2024.