title
Authorization for actions necessary for the closing of Southbridge 1C.
end
Development
Address
Community Area
Target
Population
2311-2315 South State Street
Near South Side
Family
presenter
Presenter: Lee Pratter, Deputy Chief Development Officer
end
Recommendation
The Interim Chief Executive Officer ("CEO") of the Chicago Housing Authority ("CHA") recommends that the CHA Board of Commissioners ("Board") authorize the Interim CEO or her designee to: 1) loan CHA funds in an amount not to exceed $10,000,000; 2) submit a Rental Assistance Demonstration ("RAD") application and financing plan to the United States Department of Housing and Urban Development ("HUD"); 3) submit evidentiary documents to HUD; and 4) execute such other documents and perform such actions as may be necessary or appropriate to implement the foregoing.
Property Summary and Estimated Contract
CHA Loan Source
Type of Loan
Not to Exceed Amount
CHA Funds
Construction/Permanent
$10,000,000
Contract Term
Total Units
RAD PBV Units
Initial Estimated
Contract - 1st Year
Total Estimated
Contract - 20 Years
RAD HAP 20 years (with automatic renewal)
80
29
$73,596
$1,471,920
The requested action complies in all material respects with all applicable federal, state and local laws, and CHA policies. CHA staff has completed all necessary due diligence to support the submission of this initiative.
Funding
MTW Funds
Compliance
Subject to compliance with M/W/DBE & Section 3 Participation.
Developer
The Developer for Southbridge IC is Ickes Master Developer JV LLC. Ickes Master Developer JV LLC is comprised of The Community Builders, Inc. ("TCB") and McCaffrey Interests, Inc. ("MI"). TCB, head quartered in Boston, has experience creating mixed-income communities in Chicago and nationally. TCB is led by Bart Mitchell, President and CEO.
MI has experience leasing retail and commercial space with both national and local operators. Recent examples of MI's mixed-use projects include Roosevelt Collect...
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