MVC Community Development will build a 60-unit multifamily building for low- and moderate-income families at 18-26 N. Waller Ave. in the Austin community. The developer is getting a $5.84-million HOME loan at 0% interest over 32 years, a $980,000 mortgage from Harris Trust and Savings Bank at prime-plus-1% for 22 years and low-income housing tax credits worth nearly $3.9 million.
Meanwhile, George and Agatha Ardelean will build 35 two- and three bedroom units at 1750 N. Spaulding Ave. in the Humboldt Park community. They will use an $898,883 HOME loan at 1% over 32 years, a variable-rate construction loan from Albany Bank and Trust Co. for $1.76 million and $6.3 million in low-income housing tax credits.
In addition to the loans, the city is selling two 8,900-sf parcels at 18 and 26 N. Waller Ave., on both sides of an 8,900-sf lot owned by MVC Community Development, for $1 each. The loans and land sale are being recommended for city council approval. MVC Community Development bought its site for $5,000 in 2002, according to property records.
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