Project Opportunity announces fourth phase of funding for local investors - Metropolitan Planning Council

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Project Opportunity announces fourth phase of funding for local investors

Turnstone Development, in conjunction with several public and private partners, is inviting small real estate investors to utilize Project Opportunity, which provides low-interest loans for development in opportunity areas within suburban Cook County.

Now entering the fourth phase of funding, Turnstone Development, in conjunction with several public and private partners, is inviting small real estate investors to utilize Project Opportunity funding, which provides low-interest loans for development in opportunity areas within suburban Cook County.

Project Opportunity is geared especially for small, independent developers and investors who are looking to purchase single family homes, including condominiums and townhomes, for rent by Housing Choice Voucher tenants. Loan recipients must ensure unit affordability for a minimum of 15 years, and homes must offer a minimum of two bedrooms. Families are qualified for Project Opportunity homes through an intensive training program sponsored by Lutheran Child and Family Services.  Families receive training on topics such as home maintenance and personal finance management.

An added incentive for investors to participate in Project Opportunity is that only 15 percent, as opposed to the conventional 20 percent, is required by the investor as equity.  Additionally, Federal Home Loan Bank provides a grant of up to $6,000 at closing to cover program administration fees.  American Charter Bank holds a fixed-rate first mortgage and finances up to 50 percent of the purchase price less the contributed equity. Funding from Illinois Housing Development Authority (IHDA) and the Cook County HOME program offers loans at a one percent interest rate to finance all remaining costs.

Turnstone Development administers this program, and collaborates with a variety of local and regional partners, including American Charter Bank, IHDA, The Housing Authority of Cook County, Cook County Department of Planning, Lighten-Gale Group, Lutheran Child and Family Services and MPC. MPC’s primary role is to ensure the properties selected meet the Housing Endorsement Criteria adopted by the Metropolitan Mayors Caucus and Northeastern Illinois Planning Commission.

Since its inception in 2002, Project Opportunity has funded 40 units: six in Phase I, 14 in Phase II and 20 in Phase III. 

Continuing this successful track record, Turnstone Development anticipates funding an additional 20 homes for Phase IV of this program from 2007 to 2008, and is conducting a workshop for interested investors and developers on October 24. The workshop is scheduled from 9:30 a.m. to 12:00 p.m. at 175 W. Jackson Blvd., in Chicago. Space for the workshop is limited, and participants are urged to register early.  Visit Turnstone Development's Web site for additional information on this workshop and the Project Opportunity program, or contact:

Mary Lu Seidel, Project Administrator
Lighten-Gale Group
203 N. Wabash, Suite 608
Chicago, IL 60601
mseidel@housingdeveloper.com
Phone: (312) 920-1500, ext. 106
Fax: (312) 920-9549

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