SOURCES OF FUNDS SPRING HILL SENIOR RESIDENCE Federal LIHTC IHDA IHDA Home Loan TOTAL DEVELOPMENT COST $21,003,048.30 $274,592 $1,900,000 $4,000,000 Spring Hill Senior Residence is an affordable senior housing community in West Dundee located at 939 West Main Street. Fox River Affordable Housing Corporation partnered with Gardner Capital Development, LLC in developing the new structure, which is dedicated for seniors 55 years and older. Spring Hill consists of 61 independent living apartments, 17 are Project Based Rental Assistance (PBRA) units, of those 17, there are 4 one bedroom and 13 two bedroom units provided by the Housing Authority of Elgin. Spring Hill Senior living community will have good access to retail, public transportation and health care services. Martell Armstrong, CEO Housing Authority of Elgin GP Loan (DECO) Grant to Non-profit) Deferred Developer Fee General Partner Equity #1 Developer Deferred Reimbursables $13,648,635 $1,080,524.76 $100 $99,197

Sources of Funds PDFs€¦ · General Partner Equity #1 Developer Deferred Reimbursables $13,648,635 $1,080,524.76 $100 $99,197. Title: Sources of Funds PDFs Author: Dominique Duncan

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SOURCES OF FUNDS

SPRING HILL SENIORRESIDENCE

Federal LIHTC

IHDA

IHDA Home Loan

TOTAL DEVELOPMENT COST $21,003,048.30

$274,592

$1,900,000

$4,000,000

Spring Hill Senior Residence is an affordable senior housing community in West Dundee located at 939 WestMain Street. Fox River Affordable Housing Corporation partnered with Gardner Capital Development, LLC in

developing the new structure, which is dedicated for seniors 55 years and older. Spring Hill consists of 61independent living apartments, 17 are Project Based Rental Assistance (PBRA) units, of those 17, there are 4one bedroom and 13 two bedroom units provided by the Housing Authority of Elgin. Spring Hill Senior living

community will have good access to retail, public transportation and health care services.

Martell Armstrong, CEO Housing Authority of Elgin

GP Loan (DECO) Grant to Non-profit)

Deferred Developer Fee

General Partner Equity #1

Developer Deferred Reimbursables

$13,648,635

$1,080,524.76

$100

$99,197