Lead Developer: GC Housing Development LLC (GCHD), an affiliate of Crane Construction, is a fourth generation, Chicago-based developer of affordable housing. This is GC Housing Development’s third LIHTC project.
With a focus on affordable housing financed through the Low Income Housing Tax Credit (LIHTC) program, GCHD develops high-quality, affordable, independent living residences for those over the age of 55. GCHD’s mission is to develop quality affordable housing that provides the largest units with the complementary common amenities at the lowest rent. In this approach, GHCD’s developments remain viable and marketable throughout the compliance period. GCHD’s co-founders have developed over 700 units of affordable housing units across the state of Illinois. GCHD, through a partnership with Crane Construction, LLC, provides both development and construction services from start to finish for all of our projects. By retaining control over the entire construction process, including the construction and lease-up phase, GCHD is uniquely suited in the LIHTC community.
Co Developer: Fox River Valley Affordable Housing Corporation (FRAHC), a 501c3 and subsidiary of the Elgin Housing Authority, is GCHD’s non-profit partner. FRAHC is responsible for the development of affordable, quality housing in mixed use, mixed income communities. FRAHC has developed three (3) affordable housing developments and will assist with the operations and maintenance at Anthony Place in St Charles.
Anthony Place at Prairie Centre (AP) is part of a master development called Prairie Centre on the site of the former St Charles Mall. AP is accessible via Prairie St and Lincoln Hwy, directly behind two proposed mixed-use buildings along Prairie St. This independent senior community for persons aged 55 and older (62 and older for the Project Based Voucher units) complements the other market rate and retail development at the overall development. Covered parking for the residents (75 spaces), as well as the management office, community room with a fireplace, and other common area amenities comprise the entire first floor, with units on floors two through four. All residences have a washer/dryer in their individual unit. In total, the project includes 75 units, a combination of 1 and 2 BR units. The Elgin Housing Authority has provided Project Based Vouchers to support some of the tenants.
Project Funding Sources:
Unique Project Elements:
Photo Credit: GC Housing website