Bluestem signed and recorded Regulatory Agreements with the Illinois Housing Development Authority pursuant to which Bluestem has agreed to provide 50 units of affordable housing to persons with incomes of <60% Average Median Income for 31 years.
This project was the new construction of a three-story, 50-unit senior apartment building in Normal, McLean County
- 4 Units for special needs households
- Low Income Housing Tax Credits
- HOME Program
- Illinois Affordable Housing Tax Credits
- Bluestem has the non-profit right of first refusal and plans to execute; and
- Bluestem plans to continue to operate the project in accordance with its purpose after the period of affordability expires.
- All tenants must have incomes <60% Average Median Income, many are <50%
- 10 Units of Project Based Section 8 Rental Assistance
- Bluestem has hired a property management firm to insure the daily operational and compliance requirements are met. Bluestem oversees the property manager to insure that the operating, maintenance, financial and lender compliance is being met through reviewing monthly reports and communicating directly with the property manager at least monthly, visiting the property, managing the audit process, completely compliance documents for lenders, conducting Housing Quality Standard inspections at least once a year, attending resident council meetings throughout the year, and getting to know residents.
Placed in Service in August 2011