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, as well as local funding available specifically for projects within the City of St. Charles.
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 and expand the supply of affordable rental units for low-to moderate-income households.
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:
