Renovations are beginning on the Maywood Apartments using Neighborhood Stabilization Program funding
- By Jane Hornstein
- March 24, 2011
Guest author Jane Hornstein is a senior project manager at IFF and former MPC employee.
On March 10, the West Cook County Housing Collaborative, a joint effort between the municipalities of Bellwood, Berwyn, Forest Park, Maywood, and Oak Park, gathered to celebrate the beginning of renovations on the Maywood Apartments, a 26-unit affordable housing development at 1015-17 S. 4th Ave., in Maywood, Ill.
Maywood Mayor Henderson Yarbrough, Sr., welcomed Cook County Board President Toni Preckwinkle, Cook County Economic Development Bureau Chief Maria Saldana, Forest Park Mayor Anthony Calderone, and Oak Park Mayor David Pope, among others, at the groundbreaking and celebration.
The Collaborative, formed to coordinate efforts to address housing issues and improve the supply of affordable housing in the area, used an innovative approach to apply for Neighborhood Stabilization Program (NSP) funding. A single application was submitted to support the housing needs of the sub-region rather than each individual municipality.
“The Collaborative is an innovative way for smaller municipalities to capture funding opportunities typically available only to larger jurisdictions,” said Joe Neri, CEO of IFF. “Developing and preserving quality, well-managed affordable workforce housing strengthens these communities. IFF is proud to be a part of the project,” Neri said.
The Metropolitan Mayors Caucus and Metropolitan Planning Council (MPC) have supported the Collaborative since its formation in 2009, as one model of interjurisdictional collaboration taking shape around the Chicago region. “Housing issues and programs are complex and often require significant time and expertise, while communities are dealing with increasing constraints on resources and staff reductions,” said Dominic Tocci, project manager at MPC. “A joint approach to tackling housing challenges that do not adhere to municipal borders is a smart way to operate.”
IFF, which provides below market rate loans and real estate services to nonprofits in the Midwest, coordinated the efforts. IFF applied on behalf of the Collaborative for the NSP funds being made available through Cook County. The Collaborative was granted an award of approximately $3 million and is using a portion of the funds on the renovation of the Maywood Apartments.
The Maywood Apartments property development, including selection and management of the project management team, is overseen by IFF. The development is expected to create 120 construction positions, as well as a full-time permanent position.
After completion, IFF will transfer the units to the North West Housing Partnership to own and lease as affordable rental units. Half of the units will be affordable to households at or below 50 percent of area median income ($37,700 for a family of four).
“This development is the first among our plans to create quality, affordable housing near public transportation and other existing community assets in West Cook County,” said Michelle Hoereth, director of housing at IFF. A second project consisting of three single-family homes in Bellwood is expected to be ready by early summer. For more information on the projects, contact Jane Hornstein at 312-629-0060 or firstname.lastname@example.org.