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On Oct. 29, Richard Koenig of Housing Opportunity Development Corporation, Fifth Ward Alderman Robin Rue Simmons and Dick Co of Evanston Development Cooperative will speak at a celebratory kick-off for an affordable rental home at 1930 Jackson Ave.
The groundbreaking event will be live-streamed for the public on the Facebook pages of EDC & HODC, beginning at 3:30 p.m. There will be a small group of stakeholders on-site at 1930 Jackson Avenue, who will be practicing necessary social distancing requirements and COVID-19 precautions.
This two-bedroom, one-bathroom accessory dwelling unit (ADU) will be rented at or below 60% of the Area Median Income (AMI) maximum rental limit, providing a healthy, affordable home in the Evanston community.
With patented Eco-Panels to frame the home, the ADU will be a more energy-efficient building when compared to traditional stud-frame construction. The new development aligns with the goals of the City of Evanston’s Climate Action and Resiliency Plan (CARP) and will provide its occupants with a healthier indoor environment and lower utility bills.
This home became possible through Evanston City Council’s strong support to expand affordable housing options through changes to the City’s zoning code.
This ADU will share the property with an existing two-flat, a situation that was not allowed in Evanston before January of 2020. More recently, City Council passed an ordinance in September of 2020 that created opportunities to add these lower-cost housing units across the Evanston community.
Financing comes from a forgivable HOME Investment Partnerships Program loan to HODC, which was approved by Evanston City Council on April 13. More specifically, the City is utilizing the “CHDO Reserve” portion of its HOME funding 15% of which must be distributed annually to a certified Community Housing Development Organization CHDO).
This reserve must be used for acquisition, construction, or rehabilitation of housing units for income-eligible households. The forgivable loan for this ADU combines Evanston’s CHDO Reserves from 2018, 2019, and 2020.
Evanston Development Cooperative is the design-builder for the ADU; HODC owns the property. The loan to HODC will be forgiven after the successful rental of this home at the 60% AMI limit or lower for a period of 20 years. HODC will use the City of Evanston’s Centralized Waitlist for affordable housing to find tenants for the rental home.