Prairie Meadows Homes
East Central Illinois Community Action Agency
Project Name: Prairie Meadows Homes
Location: Hoopeston, Illinois
Total Cost: $5,098,506
Number of Units: 25 – 2 and 3 bedroom units
Estimated Completion Date: 2010
Number of Jobs Created: 20
About the Community
Hoopeston is situated at the crossroads of two railroad lines in eastern Illinois which facilitates the transporting of locally grown crops processed by local canning factories. Agriculture has been the backbone for this community for many years. Hoopeston currently boasts an excellent school system, Carnegie Library, health care campus including a hospital, medical center, nursing home, and independent living center, recreational facilities, the historic Floral Hill Cemetery, historic Lorraine Theater and more.
With the decline of manufacturing in the last decade, Hoopeston has found itself at a new crossroads. However, even with the decline of industry and loss of jobs, Hoopeston has managed to retain a population of close to 6,000 throughout the years. The current population is 5,965 (according to the 2000 census). Preserving its heritage as a community of strong faiths and thriving business, Hoopeston continues to work together for the betterment of its residents.
The City of Hoopeston has established a vision for its future to help move the community forward in a positive direction: Hoopeston is a clean, safe, thriving and growing community with a bustling downtown which is a tourist attraction. Through innovative job creation and business recruitment, retention, and expansion strategies, Hoopeston is vital and alive with economic prosperity. Its comprehensive spectrum of health care and social services is unprecedented for a community of its size, making Hoopeston a great place to raise a family. Known for its community spirit and civic involvement, Hoopeston has built bridges among its citizen groups, as well as with its community neighbors.
About the Project
Prairie Meadows is a housing development which will offer twenty-five (25) units of single family living for families on approximately ten (10) acres of land in Hoopeston, Illinois. Out of the 10 acre development will be a 1 acre park to be located in the middle of the development. The subdivision will have a unit mix of two and three bedroom single family dwellings ranging from approximately 1045 square feet to 1331 square feet which will cater to low and moderate-income seniors or families. The units will all be visitable, 16 will be adaptable, and 3 will be fully accessible.
The design of the planned development will offer quality and affordable housing for working families and seniors and will further, allow for future expansion in later years. Acreage is currently available on the site for the inclusion of an additional phase of the development which would be designated for whatever housing needs are at that time.
The initial housing will be provided through lease agreements and will become homeownership units in year 20. Prior to year 20, existing residents will be given the first opportunity to sign lease to purchase agreements with anticipated closing of the first homes at the end of the 20th year. Homeownership educational classes will be provided to residents through the East Central Illinois Community Action Agency and the onset of the lease to purchase period. Memorandums of Agreement will be initiated with other area service providers to link appropriate capacity building needs to the prospective homeowners.
Status
This years efforts in Hoopeston has resulted in a common themed movement by both the community and stakeholders to bring 25 single family homes to Hoopeston to serve seniors and families with moderate to low income levels. Strategic planning, community meetings, and overall community partners working together enabled this LIHTC application to go forward. Prairie Meadows Homes, LLP was formed with East Central Community Action Agency (ECICAA) as the sponsoring agency and general partner. ECICAA approved the formation of the Prairie Meadows Homes Development Corporation in February 2008. Prairie Meadows, LLP put an option to purchase on 10.44 acres of land for Prairie Meadows. The builder for Prairie Meadows will be Horve Builders. The City of Hoopeston agreed to contribute $400,000 of TIF money either in cash or in kind per the Hoopeston City Council. The City Council also approved a zoning resolution which would allow for the property to be re-zoned for R1 Residential as the property was originally zoned light industrial. A site plan has been drawn by Crowdry and German and a land survey has been done by A-B Land Surveying. Crosspoint Human Services will be the property manager of the project. They currently manage Bowman Estates for East Central and have a proven track record with management. ICADC has identified First Midwest Bank of Joliet to sponsor the Federal Home Loan Bank application adding leveraging to the project through FHLB dollars. The tax credit application for the 25 single family homes was submitted to IHDA as of April 6, 2009 and awarded on August 21, 2009. Due to the project using HOME funds spread over 20 years of the life of the project, the project will not become home-ownership until the 20 years has concluded.