Housing Trust Group Opens First Affordable Housing Community in Illinois with Crescent Place Apartment Community

CHICAGO, IL – Housing Trust Group (HTG), one of the nation’s largest affordable housing developers, closed financing and opened Crescent Place, a new $18.2 million affordable housing community in Arlington Heights, Illinois – about 25 minutes north of Downtown Chicago. Crescent Place apartments will be reserved for income-eligible residents who earn between 30 and 60 percent or less of the area median income (AMI), with rents ranging from $524 to $1,258 per month. Eight of Crescent Place’s 40 units are reserved using Section 811 rental assistance so people with disabilities can live independently in the community. The property is expected to be delivered in the spring of 2023.

Crescent Place is a joint venture between HTG and nonprofit developer Turnstone Development Corporation, whose goal is to facilitate the creation and preservation of affordable housing in Illinois and Florida.

“We are thrilled to enter the state of Illinois with the Crescent Place development, which will provide 40 affordable, high-quality apartments for small families and young professionals who want to live close to where they work,” said Matthew A. Rieger, President and CEO of HTG. “We are deeply grateful to the Illinois Housing Development Authority and Cook County for their support, to our development partner Turnstone, and to the many neighborhood advocates who have championed this project on behalf of those who are hurting the most in the current crisis. affordable housing. We look forward to bringing HTG’s high quality affordable housing to a community that needs it.

Located on 2.3 acres at 310 W Rand Road, the four-story community will offer a mix of one and two-bedroom units ranging from 646 square feet to 880 square feet. Amenities will include a community hall, library, computer cafe, fitness room, tenant storage lockers, bicycle storage, and 80 outdoor parking spaces (8 of which are designed to meet ADA parking standards) . Other features include a resident garden, outdoor patio and walkway connected to the existing public sidewalk system.

Crescent Place’s funding sources include a $10.9 million construction loan and a $1.6 million permanent loan from BMO Harris Bank; $12.1 million in National Equity Fund (NEF) 9% Low Income Housing Tax Credit equity; $4 million from the COVID-19 Affordable Housing Grant Program provided by the Illinois Housing Development Authority; and a $110,214 ComEd grant for building to energy efficiency standards.

The Crescent Place project team includes general contractor Henry Bros Co., civil engineers Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, energy efficiency consultant Eco Achievers and property manager UpHoldings.

About Housing Trust Group: Housing Trust Group (HTG) is an award-winning, full-service developer of multi-family residential communities with real estate transactions exceeding $3 billion in commercial, land and residential developments in Florida, Texas, Illinois and Illinois. Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-to-market housing and mixed-use developments. For more information, visit www.htgf.com.

About Jefferey G. Cannon

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