DECATUR – This Fourth of July, veterans who are at risk of homelessness will have a safe and decent place to call home in Decatur. The Illinois Housing Development Authority (IHDA), the state housing finance agency under Governor Pat Quinn, today helped celebrate the grand opening of North Street Commons, an affordable development that achieved the dual goal of supporting veterans and stimulating Decatur neighborhoods.
“Governor Quinn is a strong advocate for increasing affordable housing opportunities, and ensuring veterans with disabilities have the support they need to find stability in the community,” IHDA Executive Director Mary R. Kenney said. “The federal Neighborhood Stabilization Program (NSP) helps revive communities hit by foreclosures by returning abandoned homes to productive use. This investment is one of many efforts the state is spearheading to help our communities rebound by turning challenges into economic opportunities.”
Representing the administration of Governor Quinn, IHDA officials today joined developer D&O Properties I, LLC, municipal leaders and other public-private partners to celebrate the completion of work by one of the organizations that received a portion of the state’s $53 million in federal NSP funding. IHDA allocated a $1.3 million grant to North Street Commons, which includes three single-family homes, and a development featuring five two-bedroom and eight one-bedroom apartments.
An estimated 31 jobs were created with this development. NSP funds available through the State of Illinois have enabled 17 subgrantees to create 247 rental units and 108 homeownership units, creating quality jobs in communities. Work on an additional 18 units is under way.
Through a partnership with Lutheran Child and Family Services of Illinois, residents will have access to mental health and other supportive resources to fit the unique needs of veterans with disabilities. To qualify for the affordable units, individuals must be at or below 50 percent of the area median income (AMI) in Macon County, or $20,100 for a one-person household.
IHDA is working on behalf of the administration of Governor Quinn to increase supportive housing rental housing opportunities across the state. To date this year, 23 percent of IHDA-funded developments have been supportive housing. Since Governor Quinn took office in 2009, 233 supportive housing units have been funded in Macon County.
To learn more about North Street Commons, call D&O Properties I at (217) 875-1006.
In addition to providing quality affordable rental housing opportunities, IHDA also helps military families buy a home affordably. In May, Governor Pat Quinn committed an additional $5 million in state capital funds to increase affordable homeownership opportunities under the Welcome Home Heroes program. The program features a 30-year fixed-rate loan (currently 4.5 percent), $10,000 forgivable grant toward the purchase of a new home, as well as a mortgage tax credit worth up to $20,000 over the life of the loan. As the state housing finance agency, IHDA administers the program through its approved lenders. A list of lenders is available at www.ihda.org.