Tag: Interfaith Housing Development Corporation

Maywood Signals That It Will Green-light New Housing Development

Friday, September 8, 2017 || By Michael Romain || @maywoodnews || UPDATED: 9/8/17

During a Sept. 5 regular meeting, the Maywood Board of Trustees gave the village’s attorney and staff the go-ahead to put together a redevelopment agreement that would dictate the construction of a 68-unit, 5-story apartment building on the site of a vacant lot at 800-820 S. 5th Ave. in Maywood, which is currently owned by the village.

Continue reading “Maywood Signals That It Will Green-light New Housing Development”

Advertisements

Maywood Residents React to Affordable Housing Proposal

Friday, September 1, 2017 || By Michael Romain || @maywoodnews

The last time Perry Vietti, the president of Interfaith Housing Development Corporation, was in Maywood pitching a plan to build affordable housing units in the village, he confronted a wave of criticism from residents who thought that the proposal was bad for the village’s quality of life.

Continue reading “Maywood Residents React to Affordable Housing Proposal”

Maywood to Hold Aug. 29 Meeting on New Housing Proposal

Saturday, August 26, 2017 || By Community Editor || @maywoodnews

Maywood officials are planning to host a public informational meeting on a proposed affordable housing development. The meeting will be held on Tuesday, Aug. 29, 6 p.m. to 8 p.m., at Council Chambers, 125 S. 5th Ave. in Maywood.

Continue reading “Maywood to Hold Aug. 29 Meeting on New Housing Proposal”

Developer Proposes to Build 68-unit Mixed-use Affordable Housing Complex on 5th Ave. in Maywood

Screen Shot 2017-07-05 at 8.39.28 PM

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. |

Screen Shot 2017-07-05 at 8.39.38 PMWednesday, 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.

Screen Shot 2017-07-05 at 8.39.52 PM

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.

Screen Shot 2017-07-05 at 8.38.39 PM