07-28-1997 EDA - Laserfiche WebLink

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7-25-1997 0:07AM FROM MSP REAL ESTATE. INC. 612 336 4566 P. 10 housing in a suburb in western Dul'age pied. Therefore, the cor County,Illinois.The neighbors objected to competent management- the anagementthe project,primarily based on the effect cant factor. they expected that it would have on the Because of the.pre • property values of their houses.IFIDA be- low-income housing, E. lieved that the success of such a suit would negative impart was exp be a deterrent to its activities statewide.As developed for analyzin, ritto ,hr part of'RDA's full-Scale defense, the po- tempted to account forth tendo' impact of the development of the the four projects was ee project on surrounding residential property spect to the compatibilit values was assessed. In a relatively short went with the surrounds i time,parameters for a market study were in terms of design and c set.Residential property values adjoining ity;the condition of the similar low-and very low-income housing pecially the density. TI complexes already constructed would be each development was a analyzed.From a list of recent MUM.prof- presence or absence of lit • ects in the Chicago metropolitan area,de- ling;the age and conditic velopments that matched the character's- and the window treatm= • is tics of the proposed development were of children in the compl chosen: recently constructed projects (as were considered.Pinalll opposed to a rehabilitation project)adjoin- surveyed by Interviewin • I ii ing single-family and/or market multiform- brokers,reviewing multi j: fly developments;large projects with low- listings and annual sur i 1 incomeand very low-income family units searching transactions wi (as opposed to elderly developments),;and focusing especially on t projects located in developing suburban.ar- ately adjoining or facing • eas with increasing property values. housing.Summaries of tl . Three projects on the list&t these erste four projects follow. ria.Despite its recent completion,`Watet�- ford Place was included to assess the of- Victorian Park,Streamwc 1 facts on additional development. ixr the The fist project rev etve • area.A fourth IHDA project built in 1981 Park in Streamwood, i • J and meeting all of the same criteria was. Streamwood is located i I: chosen to assess long-term impact on the downtown Chicago in D 1,. market.Although the specific loan guaran- 1994,the population was • tees,tax credits,or rent subsidy programs of the average house waf varied between the four projects,all were income was $46,271. p entirely either low-income or very low-in Strea rewood Building r come family housing developments in de- building permits totalle veloping suburban areas. building permits through • totalled 1,591. STUDY PARAMETERS AND The entire 300-unit • METHODOLOGY 100 low-income units in and was constructed on The quality of the management of the pro- acres for a density of abet jects chosen could not be determined in The allowed density unc advance. As it turned out, all of the pro- . zoning is 10 unfits per act jects chosen for thestudy appeared to be built is consistent with the adequately managed and were fully occu- velopment; the adjacent TABLE t Victorian Park Summery . One Bedroom/One Bath Two.6edfooms/One aro Total Number of No.of Size(in` Monthly Rent per NO.of Ste an Mo Low-1 Units Units square feet) Rent square foot Units square feet) Ri 1b0 27 50 $474 $0.63 37(28a) 150 st eoo 'iSSai 1.:. $0.68 36(19o) 955 se 914 Th.-. A,.Nrwiw,..) i....i.wwl' 1om:,.+n. 1001.