ICADC Project - Welch Woods
MCS Community Services
Project Name: Welch Woods
Location: Beardstown, Illinois
Total Cost: $5.2 Million
Number of Units: 42 rental units
Completion Date: 2005
Number of Jobs Created: 59
Welch Woods is a low income housing tax credit financed property that has forty-two (42) two and three-bedroom family housing units that include kitchen appliances, washer and dryer hook-ups, a maintenance-free exterior and energy efficient construction. The energy efficient components built into these units ensure that the units will operate affordably for residents in the long term. The success of Welch Woods has been recognized statewide and featured in several of the State of Illinois’ publications on housing. After careful research indicated there was a critical need for affordable housing in Beardstown, ICADC partnered with the local CAA, MCS Community Services and Excel Corporation, a a major local employer, to develop an affordable housing multi-family complex that was completed in 2005. This project incorporated funding from the Illinois Housing Development Authority, Enterprise Social Development Corporation and the Illinois Department of Commerce and Economic Opportunity and Excel Corporation. The city of Beardstown supported the project by providing new water and sewer lines. Welch Woods currently serves as one of the first Employer Assisted Housing (live near work) projects completed in Central Illinois. Since completion, Welch Woods has fostered other economic development activities in Beardstown and the surrounding area.
ICADC continues to manage the property through the Housing Authority of the County of Cass (HACC) with 100% occupancy levels only dropping during the turnover of units to waiting list persons. In tandem, ICADC and HACC ensure that the project remains in LIHTC compliance enabling the scheduled delivery of the management and developer’s fees.