Housing Authority of Cook County Rental Assistance Demonstration Program Richard J. Monocchio – Executive Director

About the Housing Authority of Cook County 2 nd Largest Public Housing Authority in Illinois Serves Suburban Cook County 1,356 Low-Income Public Housing Units Many of these housing communities were constructed in the 1950s and 1960s 199 units converted to Project-Based Voucher Assistance under RAD program in January units will be converted to Project-Based Voucher Assistance under RAD program in September of 2015 Administers approximately 13,000 Housing Choice Vouchers

RAD’s Impact on HACC As housing authorities continue to see a decrease in HUD’s funding they are also seeing an increase in the need for affordable housing. RAD is the key to the betterment of our public housing communities and the answer to the many challenges housing authorities face in their mission to create and preserve affordable housing. As of a 2012 Physical Needs Assessment, the remaining public housing properties in HACC’s inventory require over $85,000,000 in repairs and upgrades. Under the RAD program HACC has been able to invest over $35,000,000 into four of its Low-Income Public Housing properties for its elderly and/or disabled residents. Under RAD HACC has been able to secure outside financing that is not permitted under HUD’s Public and Indian Housing program. These funding sources include first mortgages, HOME funds, Trust Funds and construction loans. RAD has given HACC the opportunity to extend the useful life of its buildings for the next 20 years.

Evanston Senior Redevelopment Evanston Senior Redevelopment Rehabilitation of 2 elderly/disabled public housing properties in Evanston, Illinois. The buildings were treated as one project and closed on January 30, All were converted to PBRA units under the RAD program and are also LIHTC and HOME units. Jane Perlman Apartments: 100 one bedroom public housing units and 1 two bedroom unit reserved for the Resident Custodian Constructed in story elevator building Construction began in February of 2015 and will be completed by December of 2015 Victor Walchirk Apartments: 99 one bedroom public housing units and 1 two bedroom unit reserved for the Resident Custodian Constructed in story elevator building Construction began in March of 2015 and will be completed by May of 2016

Evanston Senior Redevelopment – 199 Units 2014 Tax Credits Sources First Mortgage - FHA 221(d)4$3,400,000 County HOME Funds$3,499,235 City HOME Funds$150,000 State/Donation Tax Credits$1,333,275 ($0.87/credit) LIHTC$15,563,000 ($1.0375/credit) Deferred Developer Fee$661,480 Replacement Housing Factor Funds$1,219,754 GP Land Contribution$2,775,000 Total Sources$28,601,745 *Construction Loan $11,849,013 Uses Acquisition Costs$2,775,000 Construction Costs$18,613,507 ($93,535/unit) Relocation Costs$554,847 Other Soft Costs $3,567,227 Operating Reserve$676,270 Replacement Reserve $414,893 Developer Fee$2,000,000 Total Uses$28,601,745

Construction Includes: Unit interior renovations including new appliances, flooring, painting, kitchen cabinets, bathroom fixtures and lighting 20 UFAS units, 20 Accessible units and 5 sensory units Roof repair Tuck-pointing and masonry work New windows Installation of automatic fire sprinkler system Elevator renovations Common area renovations including accessible pathways Parking lot and sidewalk repair Plumbing and mechanical upgrades

Albert Goedke Apartments: 119 one bedroom public housing units and 1 two bedroom unit reserved for the Resident Custodian Constructed in story elevator building Construction will begin immediately after closing and will be completed by December of 2016 Armond King Apartments: 126 one bedroom public housing units and 1 two bedroom unit reserved for the Resident Custodian Constructed in story elevator building Construction will begin immediately after closing and will be completed by December of 2016 Albert Goedke and Armond King Albert Goedke and Armond King Rehabilitation of 2 elderly/disabled public housing properties in Arlington Heights and Skokie, Illinois. The buildings are being treated as one project and is expected to close in September of All will be converted to PBRA units under the RAD program and will also be LIHTC and HOME units.

2014 Tax Credits Sources First Mortgage – Conventional$4,600,000 County HOME Funds$2,000,000 City CDBG Funds$93,000 IHDA Trust Fund$1,775,000 State/Donation Tax Credits$2,218,500 ($0.87/credit) LIHTC$16,123,388 ($1.075/credit) Deferred Developer Fee$526,069 Replacement Housing Factor Funds$376,267 GP Land Contribution$5,100,000 Total Sources$32,812,224 *Construction Loan$12,123,388 Uses Acquisition Costs$5,100,000 Construction Costs$19,575,600 ($80,228/unit) Relocation Costs$716,000 Other Soft Costs $4,532,027 Operating Reserve$595,797 Replacement Reserve $292,800 Developer Fee$2,000,000 Total Uses$32,812,224 Albert Goedke and Armond King – 244 Units

Construction Includes: Tuck-pointing and masonry work Roof repair New windows 25 UFAS units and 5 sensory units Unit interior renovations including new appliances, flooring, painting, kitchen cabinets, bathroom fixtures and lighting Installation of automatic fire sprinkler New air handler units New smoke detectors and fire alarm system Elevator renovations Common area renovations including accessible pathways Parking lot and sidewalk repair 1 computer for every 10 units for tenant use at no cost

Remaining Portfolio In March of 2015 HACC received a CHAP for its Portfolio application. The first half of the Portfolio award is comprised of 8 properties for a total of 794 units. In July of 2015 HACC submitted a 9% LIHTC application for 2 of the 8 properties containing a total of 226 units. The remaining properties of the first half of the Portfolio award will involve 4% LIHTCs, tax-exempt bonds and other State and County grants and/or loans as available. HACC will submit its RAD application for the second half of properties in the Portfolio award this year.

Richard J. Monocchio Executive Director