Housing Authority of Joliet – Water’s Edge

$23 Milliion: LIHTCs / First Mortgage Loan / AHP Grant / HACC Subordinated / HOME Funds

In working with the Housing Authority of Joliet, we successfully procured HUD’s approval to demolish and dispose of an existing public housing community that was deemed “functionally obsolete”. In addition, we prepared and submitted a demolition / relocation budget and plan consistent with aspects of the Uniform Relocation Act and was granted approval to use Capital Funds to address this aspect of the project. In all, we are able to demolish 122 units of public housing within the AMP, provide relocation assistance that includes “tenant protection vouchers” and initiate an affordable housing development strategy for which we have secured financing under the Low Income Housing Tax Credit Program.