By Anna Lothson
Four years of hard work have paid off for the Interfaith Housing Development Corporation and the Oak Park Housing Authority.
The group announced Monday they have procured sufficient funding commitments to begin construction of the proposed 51-unit mixed-used Grove Apartments that will be located in the former Comcast building at Madison Street and Grove Avenue.
"This is a big deal for us," Gladys Jordan, president of IHDC said Monday. "We can say now we absolutely have all the funding."
Jordan said the Interfaith Housing Development Corporation had to put up about $700,000 for the project, which included market and environmental studies.
Although she said 51 units may not seem like many, the project itself is a big deal in terms of providing people who live and work in Oak Park with affordable housing options. Despite opposition to the project along the way, she hopes this complex can demonstrate the importance of offering diverse housing opportunities in the village.
We're thrilled. … The building is going to go back to being a beautiful building. It will bring life to that corner," Jordan said. "When we finish our development, it will be a pretty hot corner."
Construction for the proposed building is expected to begin in the fall and hopefully ready for people to move in by early 2014, Jordan said. The partners are currently in the processes of closing the financing and have applied for a building permit from Oak Park.
According Jordan, the primary financing for the groups is being provided by the Low Income Housing Tax Credit program. Additional financing is being provided by the Cook County Bureau of Economic Development and Federal Home Loan Bank of San Francisco. Additionally, the Illinois Department of Commerce and Economic Opportunity is providing an energy efficiency grant to the development.
"We believe this proposed building will be an important addition to the village's affordable housing, and it will make a significant contribution to the commercial redevelopment of Madison Street," said Edward Solan, executive director of the OPHA, in a news release.