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Housing Authority of Cook County
Rental Assistance Demonstration Program
Richard J. Monocchio – Executive Director
About the Housing Authority of Cook County
• 2nd 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 2015
• 244 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 RedevelopmentRehabilitation of 2 elderly/disabled public housing properties in Evanston, Illinois. The buildings were treated as one project and closed on January 30, 2015. 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 1978 • 11 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 1984 • 5 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
SourcesFirst Mortgage - FHA 221(d)4 $3,400,000County HOME Funds $3,499,235City HOME Funds $150,000State/Donation Tax Credits $1,333,275 ($0.87/credit)LIHTC $15,563,000 ($1.0375/credit)Deferred Developer Fee $661,480Replacement Housing Factor Funds$1,219,754GP Land Contribution $2,775,000
Total Sources $28,601,745*Construction Loan $11,849,013
UsesAcquisition Costs $2,775,000Construction Costs $18,613,507 ($93,535/unit)Relocation Costs $554,847Other Soft Costs $3,567,227Operating Reserve $676,270Replacement Reserve $414,893Developer 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 1978• 6 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 1972 • 10 story elevator building• Construction will begin immediately
after closing and will be completed by December of 2016
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 2015. All will be converted to PBRA units under the RAD program and will also be LIHTC and HOME units.
2014 Tax Credits
SourcesFirst Mortgage – Conventional $4,600,000County HOME Funds $2,000,000City CDBG Funds $93,000IHDA Trust Fund $1,775,000State/Donation Tax Credits $2,218,500 ($0.87/credit)LIHTC $16,123,388 ($1.075/credit)Deferred Developer Fee $526,069Replacement Housing Factor Funds $376,267GP Land Contribution $5,100,000
Total Sources $32,812,224 *Construction Loan $12,123,388
UsesAcquisition Costs $5,100,000Construction Costs $19,575,600 ($80,228/unit)Relocation Costs $716,000Other Soft Costs $4,532,027Operating Reserve $595,797Replacement Reserve $292,800Developer 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.
