Pearl Street Commons Allocated National Housing Trust Fund Award
September 14, 2018
MCHENRY, IL – Pearl Street Commons, Full Circle Communities’ affordable housing development currently under construction in McHenry, Illinois has been awarded the entire allocation of funds appropriated to Illinois under the National Housing Trust Fund.
The National Housing Trust Fund (HTF) program was created in 2008 as part of the Housing and Economic Recovery Act. Administered by the Department of Housing and Urban Development (HUD), HTF allocates block grants to the states to be used to stimulate construction, preservation, and rehabilitation of housing for people earning less than 30% of area median income (AMI). By law, 90% of funds awarded must be used for rental properties.
According to an Interim Report published by the National Low Income Housing Coalition, Pearl Street Commons was one of only eight projects nationwide to receive the entire allocation of funds for their state. With an allocation of $4,302,012, it was also one of only nine projects to be awarded over $2 million.
Pearl Street Commons will consist of 25 one- and two-bedroom apartments, all of which are accessible or adaptable, and targeted to veterans and persons with a disability. The building will be Enterprise Green Communities certified, and will include a library, computer lab, community room, and outdoor recreation amenities. Local service providers TLS Veterans and OTR will provide social services at no charge to the residents. Construction is estimated to be completed in winter 2018.
Full Circle Communities is a Chicago-based philanthropic non-profit with the mission of expanding access to affordable housing through preservation and development, thoughtful design, and the provision of significant and contextual services. Full Circle dedicates 75% of their project cash flow to providing services for their residents. Along with Pearl Street Commons, Full Circle is currently constructing a 36-unit development for families in Chicago’s Brainerd Park Neighborhood, and is in the midst of developing a 36-unit development for veterans and persons with disabilities in Dubuque, IA as well as their first property in the state of Michigan.