Low-Income Housing Tax Credits Awarded to Aspen Court Redevelopment
The City of Urbana is pleased to announce that the Illinois Housing Development Authority awarded TWG Development, LLC, in partnership with the City of Urbana, low-income housing tax credits (LIHTC) for Aspen Court.
Since 2011, the City has been working to identify a developer to redevelop this property into decent, safe and sanitary affordable housing. After TWG Development, LLC purchased the property City staff met with TWG and provided information for the LIHTC application to IHDA.
“We are looking forward to working with TWG on this important, long anticipated, redevelopment project that is the next step in improving the Lierman Neighborhood area,” according to John Schneider, Community Development Manager.
Renovation of Aspen Court, a 140 unit multifamily housing complex in southeast Urbana, will address a property that has needed significant improvement after the bankruptcy of one of its previous owners during the economic downturn in 2008. Receiving 9% LIHTC provides gap funding (the difference between cost of construction and the after rehab value of the property) that will make rehabilitation/renovations economically feasible for the developer.
According to TWG, renovations/rehabilitation construction planning will be underway soon and construction is anticipated to begin during the spring-summer of 2018 and will take a year to complete. Renovations will include a complete renovation of the 140 rental dwelling units at Aspen Court which will upgrade the housing conditions significantly and provide a safer living environment for the residents, as well as positively impacting the surround neighborhood.
“This is excellent news for the community,” said Mayor Diane Marlin, “Complete renovation of this property will dramatically improve the Lierman Avenue neighborhood and provide quality affordable housing for residents. We look forward to working with TWG to complete this important project.”
For more information about TWG Development, LLC please visit http://twgdev.com/.