New Development Allows Families To Rent-To-Own Homes
PEMBROKE TOWNSHIP–(ENEWSPF)–June 24, 2011. A mother raising two sons and working toward a nursing degree, 34-year-old Nicole Brewer has found stability and security in a new single-family home that she can afford to rent on her part-time salary.
“It’s great to live in a brand new home so close to where I work,” said Brewer, who works at a Pembroke Township health clinic. “I dreamed of living in a brand new home that I could one day own.”
Brewer is realizing her dreams as a resident of the new Sandstone Hills development, which celebrated its grand opening today at 12774 E. Sneed Court, Pembroke Township. Under Governor Pat Quinn, the Illinois Housing Development Authority (IHDA), the state’s housing finance agency, financed $7.8 million in federal American Recovery and Reinvestment Act (ARRA), and Illinois Affordable Housing Trust Fund resources to build Sandstone Hills. Construction helped the local economy by creating an estimated 46 jobs.
Sandstone Hills also will create future homeownership opportunities by providing an option for qualified residents to purchase their homes through a rent-to-own program.
“Sandstone Hills demonstrates how federal stimulus dollars have revitalized affordable housing construction across Illinois, generating quality housing and jobs,” said IHDA Executive Director Mary R. Kenney. “In this economy, it’s important to support developments that enable residents to live near the workplace so they can put the money toward other family expenses.”
Federal stimulus funds have allowed the start of construction and rehabilitation of nearly 5,500 affordable rental homes across Illinois, generating an estimated 4,855 jobs. Two American Recovery and Reinvestment Act (ARRA) programs President Obama signed into law – the Tax Credit Assistance Program (TCAP) and Section 1602 – have helped bridge the financing gap for many developments statewide to set affordable housing development back on track.
Local developers Ira and Jacquelyn Sneed, and Indianapolis-based Herman & Kittle Properties, Inc. worked together to develop Sandstone Hills, which features 29 three-bedroom rental homes. Monthly rent for the units is approximately $700, depending on unit size and resident income. To qualify as a resident, applicants must earn at or below 60 percent of the average median income in Kankakee County, or $34,620 for a three-person household. For leasing information, contact (815) 944-8036.
“Sandstone Hills is standing here today because of the federal stimulus support from the Illinois Housing Development Authority (IHDA),” said Jeffrey L. Kittle, president, Herman & Kittle Properties, Inc. “Public-private partnerships are critical to increasing affordable housing opportunities, so families can afford to remain in their community.”