Affordable Housing Fund
The Affordable Housing Fund was established by the Kane County Board to provide gap financing for the preservation and/or development of affordable housing for middle and lower income households. The fund provides financing, under flexible terms, to both non-profit and for-profit developers for the acquisition, rehabilitation and/or new construction of both homebuyer and rental units. The fund is administered by the Kane County Office of Community Reinvestment under the oversight of the Kane-Elgin HOME Commission, a city-county commission formed for the purpose of accessing federal funds to address the area’s housing needs. The Affordable Housing Fund is a combination of funds provided by the U.S. Department of Housing and Urban Development (HUD) under various federal initiatives.
Housing units developed with assistance from the Affordable Housing Fund must meet certain income and affordability restrictions. With regard to rental projects, the County is particularly interested in those that provide for the greatest length of affordability with the least amount of subsidy. Ideally, projects funded by the Affordable Housing Fund will be located throughout the County to the greatest extent possible so no single community or neighborhood experiences a disproportionate concentration of income-restricted housing. In general, the purpose of the Affordable Housing Fund is to:
Increase homeownership opportunities for lower-and middle-income households (less than or equal to 80% and 120% of area median income, respectively); and
Improve the quality, expand the supply and/or increase the diversity of affordable rental units available to lower-income households (less than or equal to 80% of area median income).
The Kane-Elgin HOME Commission reviews development proposals on a competitive basis, and evaluates them based on criteria outlined in the materials posted below. The Commission awards financing to projects that are both responsive to the criteria and further the following objectives:
Create affordable workforce housing that is in reasonable proximity to employment centers;
Create high-quality housing in areas of the County characterized by substandard housing, high-cost housing or generally have a negative neighborhood image;
Reduce the number of vacant/foreclosed properties that adversely impact neighborhoods; and
Develop housing in accordance with the General Principles and Specific Housing Criteria identified in the Kane-Elgin Consortium’s Consolidated Plan.
The staff of the Office of Community Reinvestment is available to answer questions regarding the Affordable Housing Fund. Please contact Josh Beck, Assistant Director for Community Development, at 630-444-2960 or email@example.com for further assistance.
Affordable Housing Fund Documents