An architectural rendering of a proposed 68-unit apartment building, which ground-floor commercial space, that is being proposed for 800-820 S. 5th Ave. in Maywood. |
Wednesday, July 5, 2017 || By Michael Romain || @maywoodnews
The nonprofit Interfaith Housing Development Corporation (IHDC) has proposed to construct a 68-unit apartment building that will include 4,500 square feet of ground-level commercial retail space on the site of a vacant lot at 800-820 S. 5th Ave. in Maywood, which is currently owned by the village.
According to an organization overview, IHDC’s mission is to “promote and develop long term affordable housing for low-income, underserved populations in collaboration with local communities.”
Over the 25 years that its been in existence, the nonprofit has created 16 housing developments that range from 15- to 135-unit projects, six of which involved renovating an existing structure and 10 of which were newly constructed developments. The budgets for those projects have ranged from $1.5 million to $22.4 million while the rental units have ranged “from efficiencies to large four-bedrooms.”
One of Interfaith’s more recent developments is Grove Apartments, a 51-unit affordable housing complex at the corner of Grove Ave. and Madison St. in Oak Park. Sugar Beet Food Co-op, a high-end grocery store and cafe, leases the first floor level.
The larger IHDC nonprofit created Interfaith Management Services in 2012 to “manage the portfolio of projects for which IHDC has an ownership interest,” according to the organization overview. The IMS manages 10 of the properties for which IHDC holds an ownership stake.
According to IHDC officials, the proposed development in Maywood will generate sales and property tax revenue since it will be held by a for-profit partnership. The new rental units will be available to single individuals and families. The building will be “very ‘green’,” and will include a solar hot water system.
The vacant lot at 800-820 S. 5th Ave. in Maywood where Interfaith Housing Development Corporation is looking to build affordable housing. | Google Earth
IHDC officials said they’re willing to pay Maywood the full amount the land was appraised at. According to village documents, the land once was up for sale for $330,000, but it’s not known whether that price has changed or if it differs from the appraised value. Village officials were not available to comment on late Wednesday afternoon.
IHDC officials said that the project could amount to a more than $20 million investment in Maywood that “will bring jobs, housing and retail to downtown Maywood” and foot traffic to 5th Avenue, among other benefits. Officials also said that the development could bring in an estimated annual property tax revenue of around $60,000 to $70,000.
IHDC officials, who could not be reached for comment on Wednesday evening, presented their proposal at a June 14 Legal, License and Ordinance Committee (LLOC) meeting.
In an interview on Wednesday afternoon, Maywood Mayor Edwenna Perkins said that representatives of the nonprofit will be back to present more information to the Board of Trustees at a later date.
IHDC officials noted in their summary that if the village agrees on a purchase price sometime this summer, the project could be on its way to completion by fall 2019. VFP
The drawing of a proposed 68-unit apartment complex with parking lots at 800-820 S. 5th Ave.