The City of Urbana is pleased to announce that the Illinois Housing Development Authority awarded TWG Development, LLC, in partnership with the City of Urbana, low-income housing tax credits (LIHTC) for Aspen Court.
Since 2011, the City has been working to identify a developer to redevelop this property into decent, safe and sanitary affordable housing. After TWG Development, LLC purchased the property City staff met with TWG and provided information for the LIHTC application to IHDA.
“We are looking forward to working with TWG on this important, long anticipated, redevelopment project that is the next step in improving the Lierman Neighborhood area,” according to John Schneider, Community Development Manager.
Renovation of Aspen Court, a 140 unit multifamily housing complex in southeast Urbana, will address a property that has needed significant improvement after the bankruptcy of one of its previous owners during the economic downturn in 2008. Receiving 9% LIHTC provides gap funding (the difference between cost of construction and the after rehab value of the property) that will make rehabilitation/renovations economically feasible for the developer.