Title
Zion Woods Rental Housing Development
Staff Summary
• Zion Woods is a proposed affordable housing development in Deerfield, IL. Developed by Housing Opportunity Development Corporation (HODC) and Brinshore Partners, the proposed building would have 25 affordable units of which 12 would be reserved for people with disabilities.
• To allow adequate time for the zoning approval process, the project will be considered by the Illinois Housing Development Authority (IHDA) for 2018 Low Income Housing Tax Credits, which causes the project to be delayed by a year.
• Lake County has allocated $1.2 million in Community Development Block Grant (CDBG) funds to this project, with $600K in the 2017 Action Plan and $600K in the 2018 Action Plan. Given the year delay, it is recommended that the 2017 CDBG funds in this project be reallocated and replaced by $600K of 2019 Action Plan funds. As 2019 is the remaining year of the current 5-year Consolidated Plan for the U.S. Department of Housing & Urban Development (HUD), this project would remain part of the current 5-year plan.
Body
Staff recommends a vote by the HCDC to replace $600K in 2017 Community Development Block Grant (CDBG) funds allocated to the Zion Woods affordable housing project in Deerfield, IL with $600K in 2019 CDBG funds to align the project’s development timeline more closely with the CDBG program years. The total CDBG investment in this project would remain $1.2 million [$600K in 2018 CDBG and $600K in 2019 CDBG] as documented and approved by the Lake County Board in the 2018 and 2019 Action Plans for the U.S. Department of Housing & Urban Development (HUD).