Douglas County Apartments
Bluestem signed and recorded Regulatory Agreements with the Illinois Housing Development Authority and USDA pursuant to which Bluestem has agreed to provide 35 units of affordable housing to persons with incomes of <60% Average Median Income for 31 years.
The project was to acquire and rehabilitate three apartment complexes totaling 35 units scattered site in rural Douglas County.
- Low-Income Housing Tax Credits/Equity Replacement Program
- United States Department of Agriculture Rural Development Funds
- 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
- 24 Units of Rental Assistance through USDA
- 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 2010