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Affordable housing complex planned for Lake in the Hills

Published: Monday, Nov. 25, 2013 4:18 p.m. CDT • Updated: Tuesday, Nov. 26, 2013 8:03 a.m. CDT

LAKE IN THE HILLS – Developers are planning a 60-unit apartment complex on the south side of Harvest Gate.

According to village documents, the affordable housing development called Villas of Lake in the Hills will have eight two-story buildings and community building.

"There is a tremendous need out there for workforce housing," said Dan Kotcher, president of development company DKI Inc. "There is a large population that works in the area that may not be able to afford to live in the area. There's not a lot of rental housing that is affordable out there."

Construction on the estimated $19 million project is expected to start in spring and last 10 to 12 months, Kotcher said.

The 5.4-acre parcel is across from Lincoln Prairie Elementary School and is planned to have a playground, exercise area, basketball court, a gazebo and pedestrian paths.

DKI Inc. also built the Residences of Lake in the Hills Senior Facility, an affordable senior living facility also located off Harvest Gate.

The Villas of Lake in the Hills will have similar architectural styles to the Residences development, but its own distinct look, according to a memo written by village Director of Community Development Dan Olson.

Olson wrote the project will complement the single family residential homes in the area, as well as the the nearby elementary school.

The Villas also won't be age-restricted.

This month, developers received approval for tax credits from the Illinois Housing and Development Authority which are expected to generate $14.4 million in private equity for the project, said Rebecca Boykin, communications manager for IHDA.

The project is expected to create 185 construction jobs, Boykin said.

The development will have 60 units: 12 one-bedroom units, 28 two-bedroom units and 20 three-bedroom units, according to architectural plans provided to the village.

One bedroom apartments are expected to rent for about $700 a month, two bedroom units for about $800 a month and three bedrooms apartments for about $1,000 a month, Kotcher said.

He added the tax credits makes the project economically feasible with the planned rents.

Units are to be rented to people who earn 60 percent of the median income in the area.

Kotcher said DKI also is set to receive a $2 million low-interest loan through IHDA for the project.

DKI's senior facility received tax credits and a low-interest loan through IHDA to help construct that project.

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