02/06/2015

CSH Approves First Loans in IL Loan Fund, Bringing Supportive Housing Opportunities Across the State

Earlier this week CSH approved predevelopment and acquisition funding to create much needed supportive housing in Illinois. Through our new Illinois Supportive and Integrated Housing Loan Fund, CSH is providing the tools and financing necessary to get supportive housing projects up and running. The first two loans are both great examples of bringing supportive housing solutions into a community setting – a goal of both CSH and the state of Illinois.

About the Projects

  • Melrose Park Veteran’s Housing will be a mix of affordable and supportive scattered site housing for thirty-five homeless and low-income Veteran families in the Chicago Suburb of Melrose Park. This $500,000 predevelopment loan to A Safe Have Foundation will be the first to close in our IL Loan Fund.
  • Beds Plus Care Supportive Housing will create 20 new permanent homes for formerly homeless individuals. This will be Bed Plus Care’s first endeavor in supportive housing. As a shelter provider, they saw the urgent need for housing solutions that included services to properly address the needs of the homeless population they served. The $450,000 acquisition and predevelopment loan from CSH will help Beds Plus Care purchase the property and begin construction.

 

More than just lending

In addition to lending, CSH can provide project-level Technical Assistance (TA) tailored to the specific needs of your supportive housing project. Examples of TA include helping to develop a Memorandum of Understanding among project partners, reviewing project Tenant Selection Plans and application and screening processes, assisting with coordination among project partners, and much more.

TA can be provided at any point throughout the project – from project concept to operations. If you are interested in discussing your project TA needs, please contact Betsy Benito, CSH Director in Illinois at betsy.benito@csh.org.

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