HIGHLAND, Illinois, Aug. 20, 2024 (GLOBE NEWSWIRE) — Turnstone Developmenta nonprofit developer of affordable housing based in Illinois, and Development of the North Arrowa full-service real estate developer, has partnered with WNC and partners (WNC), a family-owned company known as a pioneer and leader in the affordable housing industry, has closed an agreement to begin construction of Flax Meadow Townhomes II in Highland, IL, just 35 miles east of St. Louis, MO. The first two townhomes are expected to be completed in May 2025.
The development, to be built on former farmland at 237-257 Flax Drive in Highland, will be the second phase of the existing Flax Meadow townhomes. The 32 units will consist of seven single-story accessible units and 25 two-story units. Overall, the project features four one-bedroom units, 12 two-bedroom units, and 16 three-bedroom units. Five of the units will be reserved for formerly homeless or disabled households from the Illinois Statewide Referral Network, 10 of the units will be reserved for families earning 30% of the area median income (AMI), and 22 units are designated for families earning 60% of AMI.
The total development cost of the new community is $12.6 million, including fixed costs. Common amenities at Flax Meadow Townhomes II will include bike racks, storage, playground, community garden, on-site management, CCTV/cameras, and a courtesy officer. Inside, the modern units will be equipped with an electric range, refrigerator, garbage disposal, dishwasher, microwave, washer/dryers, low-flow toilets and faucets, central air conditioning, window blinds, carpeted stairs, LED lighting, luxury vinyl flooring throughout the living room, kitchen, and bedrooms, and sheet vinyl in the bathrooms. Each home will have a patio or balcony.
“We are pleased to partner with Turnstone and North Arrow on the second phase of this successful property,” said Michael C. Byrd, vice president of Originations in WNC. “Given the market demand and the quality of the finished product, we are confident that the project will provide safe, high-quality housing in a market that truly needs it.”
The deal was structured with 9% federal equity under the nonprofit set-aside. Additionally, the project will be funded by a $1.35 million permanent loan from the IFF and a $500,000 soft loan from the Madison County HOME program. The Illinois Housing Development Authority (IHDA) has provided a $2.8 million grant, which will be loaned to the partnership through Turnstone Development. Additionally, Horizon Bank will provide a $5.7 million construction loan. Finally, five units will receive project-based vouchers from the Madison County Housing Authority’s Housing Assistance Program (HAP).
“There is an overwhelming demand for affordable, safe, and sustainable housing,” said Sue Wiemer, Turnstone’s interim CEO. “We are thrilled to be underway with construction of our second phase of Flax Meadow in partnership with North Arrow Partners. We heard the need for additional affordable housing in Highland and are so grateful for the partnership and support of the City, Illinois Housing Development Authority, WNC, IFF, Madison County, Madison County Housing Authority, and Horizon Bank, all of whom were instrumental in making this happen.”
This project is designed to help 32 families create a safe and affordable community. Flax Meadow Townhomes will be conveniently located 35 miles from St. Louis and also has middle and high schools within walking distance.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned firm known as a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Collectively, WNC companies have acquired approximately $18.2 billion in assets in 48 states, including more than 1,800 affordable rental properties housing more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. For more information, please visit: https://www.wncinc.com/.
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