Macoupin Homes increase affordable housing in southern IL rural communities August 1, 2015

Construction has begun on 38 single-family rental homes for low-income families on three sites in the rural communities of Bunker Hill, Gillespie, and Staunton, IL. All of the homes will have affordable rental rates, with financial assistance offered for 19 of them to ensure families pay no more than 30 percent of their household income. Additionally, nine of the homes are set aside for those in need of supportive housing.

The two-, three-, and four-bedroom homes will feature energy rated appliances and replace obsolete housing being demolished by Macoupin County Housing Authority. Through the Community First Fund with the Federal Home Loan Bank of Chicago, IFF is providing a $1.3 million loan to Macoupin Homes for the $11.7 million project. Other funding sources include $2.9 million in HOME funds from the Illinois Housing Development Authority, a $670,000 Affordable Housing Program grant from the Federal Home Loan Bank of Chicago, and $6.7 million in low-income housing tax credit equity from National Equity Fund. U.S. Bank will provide a loan to bridge the LIHTC equity during construction.

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