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y , 4 <br /> of credit to assist with activities benefiting the Sheridan <br /> Circle Development.(see letter) <br /> 2) NHDC is also making plans to meet with the Illinois <br /> Housing Development Authority to begin preliminary plans <br /> leading toward a request for funds to also assist with the <br /> Sheridan Circle Development <br /> 3) The State Office of DCEO has been contacted. An <br /> application needs to be completed to access funds. <br /> 4) A copy of a letter from Soy Capital Bank committing a <br /> $150,000.00 line of credit has already been submitted to <br /> the City. <br /> 5) The Down Payment Plus Program throu h the Federal <br /> 9 <br /> Home Loan Bank will be available through local member , <br /> banks as long as funds are available. Member banks , <br /> normally receive their annual allocations in <br /> February/March. ,I <br /> After the meeting with an IHDA Loan Officer, NHDC will meet with the architectural <br /> firm to begin the predevelopment plans for the site. <br /> It is anticipated that the IHDA approval will be in April/May 2005. It is also <br /> anticipated that site and design plans will be complete at the same time as they will be <br /> required for IHDA's application submission. <br /> NHDC plans to use the FY 2005 HOME funding allocation to assist with the <br /> Sheridan Circle Development. <br /> Thank you again for this opportunity to provide information regarding the FY 2004 <br /> CHDO proposal. If additional is required, please do not hesitate to call. <br /> Sincerely, <br /> �� ���� <br /> Mary W I r, Executive Director _ <br />