Turnstone JV to Start Illinois Affordable Project
This is the second phase of a larger townhouse development.
A partnership of Turnstone Development, North Arrow Development and WNC & Associates will break ground on Flax Meadow Townhomes II, a 32-unit affordable project in Highland, Ill. Total development costs amounted to $12.6 million.
The project will take shape as the second phase of Flax Meadow Townhomes. The first stage, comprising the same number of units, debuted in 2020.
The Highland City Council approved the project last November. Plans call for the construction of a cul de sac, large enough to allow passage for emergency vehicles. Webster, McGrath & Ahlberg provided civil engineering services.
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Floorplans call for one- to three-bedroom units with a total gross floor area of 38,745 square feet across eight buildings. Seven of the units will be available in an accessible, single-story configuration, while the remaining 25 will take shape as a two-story arrangement.
Five units will be reserved for formerly homeless or disabled households with a referral from the State of Illinois, while 10 and 22 units will be restricted for families earning at or below 30 and 60 percent of the Area Median Income, respectively. What’s more, five of the units will also receive Housing Assistance Program Project Based Vouchers from the Madison County Housing Authority.
Units are bound to include electric ranges, central air conditioning, as well as patios or balconies, among others. The community amenities are slated to feature a playground, a garden, storage space, bike racks and a courtesy officer.
Located at 237-257 Flax Drive, the project’s site is roughly 1 mile from U.S. Route 40 while downtown St. Louis is more than 33 miles southwest. Two schools, a lake and St. Joseph’s Hospital are within 2 miles of the development site.
Funding for the project included $913,717 in 9 percent federal LIHTC and $2.8 million provided by the Illinois Housing Development Authority. Additional financing will be issued by IFF with a $1.4 million permanent loan, as well as the Madison County HOME program with a soft loan of $500,000. Horizon Bank will provide a $5.7 million construction loan.
Developing affordable housing in Illinois
According to the National Low Income Housing Coalition, in the state of Illinois there were just 36 available and affordable units for every 100 households earning at or below 30 percent AMI in 2022. The report revealed a shortage of 289,419 units for this group of households.
The Illinois Housing Development Authority issued its 2024-2025 Qualified Allocation Plan which anticipated the availability of roughly $27 million in 9 percent LIHTC to be allocated. Another affordable Illinois project that benefited from 9 percent LIHTC was the redevelopment of two historic schools in metro Chicago.
A partnership between Housing for All, Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services wrapped up the redevelopment earlier this month. Dubbed Fox Valley Apartments, the community in Aurora, Ill., encompasses 47 affordable workforce units.
