1. Project Site: 17.83 acres, near the Southwest corner of Briggs Street and Rosalind Street, Joliet – Will County, Illinois
  2. Total Number of Units in Project:  42 total units – designated for families and individuals with heads of household who are 55+.
  3. Unit Mix:
    • 1br, duplex units:         12    appx     1000 sf
    • 2br, duplex units:            6    appx   1000 sf
    • 2br, single family units:    16    appx   1000-1050 sf
    • 3br, single family units:      8    appx   1,223-1,338 sf
  4. Services, Maintenance, or Equipment to be supplied by the Owner without charges in addition to the rent to Owner:
    Maintenance services will be supplied to all units without a charge for normal wear and tear and warranty-type items.  Repairs needed due to tenant damages will be charged to the tenant.

    Appliances (refrigerator, stove, range hood, washer, and dryer) will be furnished by the Owner at no charge to the tenant.  

  5. Amenities:  stainless steel appliances, granite counter tops, solid core doors, ceiling fans, mini blinds, attached 1 or 2 car garages, laminate flooring throughout, on-site maintenance and management, clubhouse access, tot lot access
  6. Utilities Available to the Contract Units, including a Specification of Utility Services to be Paid by the Tenant:
    The tenant will pay all utilities: Water, Sewer, Trash, Electric, Gas, etc.  See the most recent utility allowance schedule.
  7. Estimated Initial Rent to Owner for the Contract Units:
BR Size Contract Rent Utility Allowance Gross Rent
1BR $900 $149 (duplex) $1,049.00
2BR $1,142 $184 duplex) $1,326.00
3BR $1,142 $194 (single family) $1,336.00
4BR $1,210 $229 (single family) $1,439.00

Project Summary Narrative:

The Sponsor of Liberty Meadow Estates mixed-income residential development is the Housing Authority of Joliet (“HAJ”).  The HAJ developed the concept, organized the development team and solicited and procurement municipal support for the project. Upon satisfactory achievement of these goals, the HAJ created a limited liability Corporation and a non-profit member to serve as the developer of the project.

Overall, Liberty Meadow Estates will be built on 64 acres, culminating in 158 lease-to-own dwelling units. Construction and financing will both occur over three (3) phases.

Phase I of Liberty Meadow Estates, IHDA PID 2462 - 74 single family and duplex lease-to-own homes, is 100% occupied.

Phase II of Liberty Meadow Estates, IHDA PID 10118 – 42 single family and duplex lease-to-own homes, is 100% occupied.

The Developer of the project for Phase III (PID 11540), is the General Partnership entity Liberty Meadow Estates, LLC whose 100% owner is Will County Housing Development Corporation, dba Hope Bound Development, which is the wholly owned 501(c)(3) non-profit instrumentality of the Housing Authority of Joliet. The developer was created to: 1) attract public and private financing for the development; 2) secure all local and state approvals for construction; 3) ensure that the development of the site results in the creation of an affordable housing community that provides decent safe affordable quality residence for families and persons of mixed income.

Phase Three shall consist of 42 units.  Total project budget is $14MM.

The Phase III Development Team consists of National Equity Fund (NEF) as the Limited Partner and 99.9% Owner of the Limited Partnership, Liberty Meadow Estates LLC, Housing Authority of Joliet and its non-profit instrumentality, Mahoney, Silverman, & Cross, Ltd., Bruce Schiff Tax Credit Accountant, Knight Architects, Carlson Brothers Construction Company and Geotech, Inc, Civil Engineers.

Phase Three Summary, Area, and Unit Mix

  1. Total acreage of Phase One:   17.83 acres
  2. Number of lots:  33 lots
  3. Buildings:
    • 18 duplex units (9 buildings) –  12 1BR and 6 2BR units
    •  24 single family homes – 16 2BR and 8 3BR
    •  42 (Rental units)
  4. Income Mix:    
    • 36 units are targeted to families at 50% AMI; and
    • 8 units are targeted to families at 30% AMI.    
  5. Project Based Vouchers: It is anticipated the project will receive forty-two (42) project based vouchers to subsidize the rents of all families at or below 60% Area Median Income.

Financing for Phase Three is in place and we anticipate a Fall, 2020 construction completion.

Applications will be accepted via online waiting list on April 1, 2020.  Assistance in applying can be received by our community partners and at the HAJ.  First Priority will be given to the State Referral Network for seven (7) units; then the Veteran Preference; then the Disabled Preference; then Date and Time of Application.  The waiting list shall close May 30, 2020.

Leasing of the 42 units shall occur between July and September, 2020.