Hope Springs Apartments
Bluestem signed and recorded Regulatory Agreements with the Illinois Housing Development Authority, City of Springfield and Illinois Department of Commerce and Economic Opportunities pursuant to which Bluestem has agreed to provide 36 units of affordable housing to persons with incomes of <50% Average Median Income for 30 years.
This project was the new construction of a two-story, 36-unit apartment building in Springfield, Sangamon County Illinois, to serve people with disabilities that impair their ability to live independently without support services.
- 100% of units are for special needs households
- Illinois Housing Development Authority Build Illinois Bond Program funds
- City of Springfield HOME
- Community Development Block Grant funds
- IL Department of Commerce and Economic Opportunities Energy Grant 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 <50% Average Median Income, most are <30%
- SIU’s offices are located in the building as they provide services on-site
- 14 units of Project Based Rental Housing Support Program under Illinois Housing Development Authority (IHDA)
- 8 units of Project Based Section 8 through Springfield Housing Authority
- 4 units of NED 2 Rental Assistance through Springfield Housing Authority
- 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 2013