The timeline to build an affordable housing complex in Oak Park has been pushed back, but the developers say that it will still get built on time.
For years, Chicago-based Interfaith Housing Development Corp. has been looking to reinvent the vacant Comcast cable television facility at 820 Madison St. They signed the final paperwork to buy the two-story property in December, and eventually plan to strip off its Dryvit façade, adding two extra floors to transform it into an apartment building.
The developers got a green light from elected officials in May 2011 and had until March 5 to apply for building permits. But the Oak Park village board gave Interfaith, and its partner the Oak Park Housing Authority, a six-month delay last week.
Interfaith didn't realize that they first needed to have their plans reviewed by Oak Park's building department, said Ed Solan, head of the Housing Authority. The village needs some extra time for its internal processes, and Interfaith already submitted its plans the day of the original deadline.
"Overall, this shouldn't delay the project," Solan said.
Meanwhile, the developers are still awaiting word on whether they'll receive the low-income housing tax credits needed from the Illinois Housing Development Authority. They failed in the competitive process the first time around last year, but hope they can get the $1.4 million each year for the next decade in tax credits critical to making the project come together.
Solan expects an announcement in the near future. He's unsure what the developers might do if they don't make the cut a second time around.
"We would have to take stock of where we are at that point. We're not even thinking of that right now," he said.
Hire Local for FREE!
Sign-up to get the latest news updates for Oak Park and River Forest.
|Photo store||Contact us|
|Submit Letter To The Editor|
|Place a Classified Ad|