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<br /> . . . ,..a.,—,i... 6...�,n,�. aIvv. 0iC 330 4Jt `. P. 12
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<br /> TABLL 3 Waterford Placa
<br /> One Bedroom/One Both Two Bedrooms/One Both
<br /> Toral Number No,of
<br /> Siae(in Monthly Rent per No.of Site(In Monthly Rent per
<br /> 41111
<br /> at Units Units square feet) Rent square foot Units square feet) Rent square foot
<br /> 288 24 550 5480 $0,87 96. 720 $600 S0,83
<br /> 168 860 8500 50,58 7;0 $620 S0.86
<br /> i P"`` yrs„,.
<br /> Jonquil Estates reports that,since an adver- Sale prices in the neighborhood averaged
<br /> using sign was posted in May1994, six 97%,of the askinge., i
<br /> contracts have beesigned.The rear of the price.
<br /> Liberty Lakes site is open area with a de- Waterford'Place Apartments,Zion,
<br /> tention pond beyond which are some con- Winois
<br /> dominium units. There are 270 parking The newest project analyzed was Water
<br /> ,e spaces on the site but no garage parking. ford Place Apartments in Zion,Illinois(see •
<br /> Constructed in February 1991,Liberty Table 3). Zion is located 45 miles north of i•
<br /> Lakes is a dormitory-style development downtown Chicago' in Lake County. In
<br /> that consists of 70 units of low-income and 1994,the population was 19,775,the value
<br /> very low-income housing,all of which are of an average house was$96,496,and the I •
<br /> Section 8 units 3 Of the one-bedroom units, average income was$39,385.According to
<br /> six are for the elderly and two are for the Living in Greater Chicago,4 1993 building
<br /> mobility impaired.The building appears to permits totalled 134,and 1994 permits to-
<br /> be well maintained.The management re- tailed 94 through September 30,1994.
<br /> ports that about 120 children live in the de- The Waterford Place site contains 17.42
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<br /> velopment,of which 10 are infants and tad acres for a density of 16.5 units per acre.
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<br /> diem, 10 are high school age,and the rest There is parking for 576 cars.The develop-
<br /> ip . . are entary school age meat is denser than the proposed sur-
<br /> The MAP MLS for the first 9 months of rounding developmnt, but is part of an
<br /> 1994 shows that there were 286 sales of sin- overall design.NortliWaterford Place is
<br /> gle-family houses in Lake Zurich,with an an area planned for single-family houses;
<br /> average listing price of$197,825 and an av- on a deadend road,this single-family de-
<br /> erage sale amount of $191,934, or about velopment will eventually connect with its '
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<br /> 97%of the asking price.Data available for extension in an area of existing houses.De= '
<br /> sales in the single-family area immediately velopment on both sides of this road is
<br /> adjoining the subsidized low-income units part of the developer's overall original ,
<br /> were analyzed over the life of f the low- plan.'The plan calls for commercial devel-
<br /> income development. Data concerning opment along the major arterial at the :
<br /> sales of similar houses in the subdivision front of Waterford Place, townhouses to
<br /> not adjacent to the subsidized housing as thenorthwest of Waterford Place,and sin- •
<br /> _- well as resales of houses bordering the sub- gle-familyhouses to the north. Another '
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<br /> sidized units were collected. major developer has a single-family devel-
<br /> Eleven sales of new or existing single- opment known as Butterfield Place.under-
<br /> • familyhouses in the Immediate area were way northwest of Waterford Placeto the
<br /> found. Resales of houses bordering the east of Waterford Place is farm•land;•a
<br /> low-Income apartments showed annual in- cemetery, and the Harbor Ridge single
<br /> creases in value of 2.8%, 6.9%,and 9.7%. family development High-tension wires
<br /> These figures are superior to the 3.2% to run along the northern rear boundary of
<br /> 4.6%increases in houses not bordering the the Waterford Place site.
<br /> Liberty Lakes low-income house,and su- Waterford Place was constructed in
<br /> perior to increases in the generalmarket two phases in 1992 and 1993,using Section , .
<br /> area,according to the brokers interviewed. 42 income tax credits.5 There are eight
<br /> 3. Under Section 8.the government pays the owner the difference between the tenant contribution(30%of income)and a fair
<br /> cake jent based on capital anti)operating costa fora period of 20 to 40 yen.Tenants are eligible if t eirincoate is lower than
<br /> 50%of the anther, adjusted for fancily size,According to federal guideline,SO%of the median income for family of
<br /> wt *,p heAlt.,-four in Deese,take,and Cook credo was$5,650. <,
<br /> .Y',,'-,4.+4i=irlvitig i+e Greeter Otago.220.
<br /> ' ”5, Sedan 42 Income Tau Credits are available flir elig0►le new oanseuction or I '
<br /> , ^,:;: ,�, � acquisition and rehabilitation of aadstin
<br /> The tax credits may be taken for ten years after the project is placed in service with an accrual amount of etedit at a Axedj
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