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� ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> Memo No. OS-242 <br /> November 15, 2005 <br /> TO: Honorable Mayor Osborne and City Council <br /> FROM: Steve City Manager <br /> Dane C. B , Assistant City Manage� '' <br /> Vickie B kingham, Assistant Dir. of Economic and Urban Development�� <br /> Richelle D. Irons, Neighborhood Redevelopment Manager � <br /> SUBJECT: Heritage Place at Lakeshore Limited Partnership <br /> RECOMMENDATION: <br />' Staff recommends approval of the attached resolution to enter into agreements with <br /> DCDF, Inc. and Sterling Development, LLC on behalf of Heritage Place at Lakeshore LP <br /> for an 80 unit senior tax credit development. <br /> BACKGROUND: <br /> A Request for Proposal was issued in August 2005 for the use of HOME funds. <br /> Proposals were received September 30, 2005. Staff reviewed and evaluated the five <br /> applications. The highest score was the proposal for the project called Heritage Place � <br /> which requested a total of$250,000.00. The proposal requested funds in the form of a � <br /> loan payable over a thirty year period. Due to limited amount of funds, the proposal was <br /> forwarded to DCDF, Inc. for funding in the form of a loan using the city as a conduit for <br /> the allocation of the funds. The HOME funds would then be available for next <br /> agencies/businesses. <br /> The project will have 36 single bedroom units and 44 two bedroom units. Eighteen units <br /> will be reserved for 40% ANII and below, of which 16 units will be set aside for Section <br /> 8 vouchers. The applicant has applied for tatc credit through the Illinois Housing <br /> Development Authority. <br /> POTENTIAL OBJECTIONS: NONE <br /> INPUT FROM OTHER SOURCES: Review and approval by DCDF, Inc. <br /> STAFF REFERENCE: For further information, please contact Richelle Irons, <br /> Neighborhood Redevelopment Manager at 424-2797 (rdirons o decaturnet.or�). <br /> BUDGET TIME IlV�LICATIONS: NONE <br />