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Illinois Community Action Cdc

Illinois Community Action Cdc

Springfield, IL
Tax ID37-1377670

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About this organization

Revenue

$2,585

Expenses

$73,479

Website

iacaanet.org

Mission

TO ASSIST IN CREATING AFFORDABLE HOUSING FOR LOW INCOME ILLINOIS RESIDENTS.

About

PRAIRIE MEADOWS HOMES - PHASE IIABOUT THE PROJECT: IN 2016, ICADC SECURED $9 MILLION IN FUNDS NECESSARY TO DEVELOP A PHASE II AFFORDABLE HOUSING PROJECT IN HOOPESTON, ILLINOIS. THE PROJECT WILL CONSIST OF 30 UNITS OF AFFORDABLE SINGLE-FAMILY, ENERGY EFFICIENT HOUSING AND A COMMUNITY CENTER. ICADC CLOSED ON PROJECT FINANCING AUGUST 24, 2017 AND IMMEDIATELY BEGAN CONSTRUCTION. THE DEVELOPMENT IS LOCATED DIRECTLY ACROSS THE STREET FROM THE $5.2 MILLION FIRST PHASE OF HOUSING CONSISTING OF 25 SINGLE-FAMILY HOMES DEVELOPED BY ICADC IN 2011 AND OWNED BY EAST CENTRAL ILLINOIS COMMUNITY ACTION AGENCY. PHASE II WILL INCLUDE FIVE HOMES THAT ARE FULLY ACCESSIBLE FOR INDIVIDUALS WITH DISABILITIES; EIGHTEEN HOMES WILL BE FULLY ADAPTABLE. PROJECT-BASED SUBSIDIES SECURED THROUGH THE DANVILLE HOUSING AUTHORITY WILL BE ATTACHED TO EIGHT OF THE HOMES TO FURTHER ENSURE AFFORDABILITY. HOMES WILL BE LEASED TO FAMILIES AT OR BELOW 60% AREA MEDIAN INCOME. AS WITH THE FIRST PHASE, THE TENANT WILL HAVE THE FIRST OPTION TO PURCHASE THEIR HOME FOR THE AMOUNT OF DEBT REMAINING IN THE PROJECT AT THE END OF THE TAX CREDIT COMPLIANCE PERIOD (15 YEARS). ONGOING SUPPORTIVE SERVICES WILL BE PROVIDED TO THE RESIDENTS OF PRAIRIE MEADOWS BY EAST CENTRAL ILLINOIS COMMUNITY ACTION AGENCY, DANVILLE AREA COMMUNITY COLLEGE AND OTHER LOCAL ORGANIZATIONS TO ENSURE THEIR CONTINUED SUCCESS AS A HOMEBUYER. THIS PROJECT REACHED COMPLETION OF THE CONSTRUCTION PHASE IN SEPTEMBER, 2018. BY OCTOBER, 2018 RESIDENTS WERE MOVING INTO THEIR NEW HOMES. ALL HOMES WERE FULLY LEASED BY DECEMBER, 2018.CURRENT PROJECT FINANCING INCLUDES LOW INCOME TAX CREDITS ($7,894,151), FEDERAL HOME LOAN BANK GRANT ($450,000), CITY OF HOOPESTON TAX INCREMENT FINANCING ($300,000), AMEREN ENERGY EFFICIENCY GRANT ($124,500) AND DEFERRED DEVELOPER FEES ($138,005). TOTAL CURRENT FINANCING IS $8,906,756.

Interesting data from their 2019 990 filing

The mission of the non-profit, as stated in the filing, is “To provide training and technical assistance to community action agencies so that they have the capacity to participate in affordable housing and economic development projects in communities throughout illinois. icadc strengthens communities by engaging community action agencies and community leaders in creating additional opportunities that foster better living conditions, create more jobs, and provide financial opportunities to further the mission of community action.”.

When referring to its tasks, they were described as: “To assist in creating affordable housing for low income illinois residents.”.

  • The non-profit is operating legally in the state of IL.
  • The non-profit's address for the year 2019 is listed as 3435 LIBERTY DRIVE, SPRINGFIELD, IL, 62704 in the filing.
  • The form submitted by the non-profit organization for 2019 reports 0 employees.
  • Is not a private foundation.
  • Expenses are between $250,000 and $500,000.
  • Revenue is less than $100,000.
  • Revenue less expenses is -$70,894.
  • The organization has 11 independent voting members.
  • The organization was formed in 1999.
  • The organization pays $0 in salary, compensation, and benefits to its employees.
  • The organization pays $0 in fundraising expenses.

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