Naperville approves land sale for affordable housing development

The Naperville City Council approved an agreement to sell nearly 5 acres of city land that will be used to build affordable housing for seniors and individuals with intellectual and developmental disabilities.

Last week’s unanimous vote is the latest step to bring the long-sought-after project to fruition at the southeast corner of 103rd Street and Route 59 on Tower Court. As part of the agreement, the developer, Tower Court Naperville, will build a 71-unit facility with a tenant mix of 75% seniors and 25% people with intellectual and developmental disabilities.

Approval required at least seven of the nine council members to vote “yes” on the ordinance.

Occupancy is anticipated to begin in 2026. Eligibility is limited to seniors 62 and older, and people with IDDs 18 and older,

The timing for the action was critical to allow TCN to apply for low-income housing tax credits with the Illinois Housing Development Authority. If the full application weren’t submitted by Wednesday, financing would have been delayed a year until the next application cycle.

The agreement stipulates the city will receive $320,000 at the time of closing, which will be on or before Sept. 30, 2024. The balance of the purchase price, set at $8.50 per square foot based on an appraisal obtained by the city, will be paid within 30 years.

“I’m excited with every step we’re taking to get this project closer and closer to being built and filled with some wonderful people,” Councilwoman Jennifer Bruzan Taylor said.

The city’s obligation includes an estimated $850,000 for Route 59 access and site roadway improvements. City officials said the improvements will benefit surrounding properties in addition to the project property.

The process to reach this point has taken years and included a review by the city’s Human Rights and Fair Housing Commission, the Accessible Community Task Force and the Senior Task Force. Tower Court Naperville was selected as the developer in September.

Feeds,Region: AH,Region: Suburbs,Business,City: Arlington Heights

via > Business

February 15, 2023 at 05:53PM

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