Simply put, its mission is to get people in homes, though that is easier said than done, especially in the northwest suburbs.
But the Northwest Housing Partnership is setting out to open this area to more than just the upscale buyer by finding new financing methods and creating residences for low- to moderate-income people.
”The people being cut out of housing opportunities in the northwest suburbs are the elderly or the entry-level worker, the young family that maybe grew up in the area but can`t afford to live here now because the prices are all out of whack,” said Bill Higginson, chairman of the Partnership.
The Partnership broke new ground for housing in suburban areas across the nation when it was formed two years ago by linking Higginson, who is president of the Chicago Equity Fund, with Harper College`s Northwest 2001 program. Affordable housing is one of the major suburban concerns the 2001 program is addressing. The Equity Fund is a non-profit, real estate investment firm that coordinates financing for affordable housing.
Its first project, which is expected to begin in September, is renovation of the Douglas Hotel in downtown Elgin. It is an intiative being done in conjunction with the city`s revival effort that will eliminate an eyesore and replace it with reasonably priced rental units for people age 55 and over.
Higginson also foresees the task of gaining a true measure of housing needs by asking local companies about their employees` income levels and commute times.
”The best data is being out on the expressway because that`s the net effect when you don`t have housing where the jobs are. When you don`t have housing where the jobs are, you`re putting people in their cars,” he said.
The partnership will delve into its formidable task with the help of two Cook County development grants it received last month.
One grant, for $130,000, will fund purchase and renovation of 10 homes foreclosed on by the U.S. Department of Housing and Urban Development. Once those houses are rehabbed, they will be sold to low-income buyers. The first in this long line of fixer-uppers, a Rolling Meadows condominium, is on the market for $52,900.
The second grant, for $40,000, will enable the partnership to run a counseling program to help homebuyers plan for their first home or find something within their price range.
