sources of funds pdfs - haelgin.org · $1 1,6 3 6, 5 99 $655,000 $1,232,220 $1,750,000 fox river...
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SOURCES OF FUNDS
CHELSEA SENIORCOMMONS
MM– Chelsea Manager, LLC Bear/FRAHC)
Investor Member-NEF
TE Tranche A
TOTAL DEVELOPMENT COST $11,636,599
$655,000
$1,232,220
$1,750,000
Fox River Affordable Housing Corp, in partnership with Bear Development is a 40-unit, elderly developmentlocated in Sugar Grove, Illinois. This development is financed with 4% bonds, a HOME loan from Kane County,
soft funds from Fox River, CDA Housing and the Illinois Housing Development Authority (IHDA). Theapartments will be restricted to residents that are aged 62 and above, and target residents with incomes at 50%
and 60% of area media income. Rents will range from $600 - $1,100 per month. Construction commenced inOctober of 2018. The anticipated construction completion date is December 2019.
Martell Armstrong, CEO Housing Authority of Elgin
IHDA Home
Kane County Home
FRAHC Loan
CDA Housing, Inc. Loan
Deferred Developer Fee
$100$4,029,072
$3,009,615
$714,000
$246,592