Homestead Corporation has partnered with for-profit developer Brinshore Development, LLC to develop 70 new units of mixed-income affordable rental housing on the site of the former Lakeside Terrace public housing complex in Urbana, IL. Homestead and Brinshore will be co-developers and once completed the housing will be managed by the partnership. The housing will consist of single-family units, town homes and two-flat style structures with a large portion of units set aside for low-income families with children. The income mix will range from very low (30% to 50% of median income), to low (60% of median income), to moderate (80% of median income) income households, with approximately 90% of the units for low- and very low-income households. Many units will also participate in the Housing-Choice Voucher Conversion Program and will operate as project-based Section-8, and 10% of the units will be targeted to the supportive housing population. Crystal View Townhomes will also provide much needed affordable housing for families in need of 3 and 4 bedroom units, which are rare in the affordable housing stock of Champaign-Urbana.
Construction of Crystal View Townhomes began in April of 2009 with a projected completion date set for April 2010, but already units are available for rent. Homestead has been working closely with Brinshore and the City of Urbana to obtain much needed funding and support for the project, including Illinois Housing Development Authority Low Income Housing Tax Credits worth close to $9 million toward the cost of the project. Homestead Corporation is excited to be an integral partner in this development which will provide much needed affordable housing to our community.
If you wish to find out more about the development contact Aaron Smith at (217) 328-9373 or send an e-mail to email@example.com. If you're interested in leasing one of the new affordable units, contact the leasing office at (217) 328-0132. Units are available right now!
Update: Lakeside Terrace Redevelopment (pdf-format) from the City of Urbana
PHOTOS COMING SOON!!!
Homestead Corporation completed the construction and sale of three homes in the Douglass Park neighborhood of Champaign, IL. Homestead will be marketing, selling, and building three more new single-family homes in Champaign and Urbana during the next year and half as part of our Affordable Homeownership Program. We are currently looking to identify potential sites for new homes and to pre-qualify potential homebuyers. Please contact Aaron Smith at (217) 328-9373 or e-mail to firstname.lastname@example.org if you are interested or to recommend potential sites.