SWIDA E-News

April 2015

Please Join us!

The Village of East Alton,

Rise Community Development

and

Southwestern Illinois Development Authority (SWIDA)

cordially invite you to the Ribbon Cutting and Grand

Opening Ceremony of Emerald Ridge

Monday, April 20, 2015

The event opens at 12:30 p.m., ceremony

begins at 1 p.m., followed by home tours.

Food and Beverages will be provided.

Keasler Recreation Complex

615 3rd Street

East Alton, IL 62024

Please RSVP to Larry Perlmutter 314.333.7008 or larry @risestl.org

In partnership with SWIDA, the Village of East Alton and Madison County, Rise Community Development has developed 46 new single-family homes in East Alton, Illinois. This site consists of 34 single-story and 12 two-story single-family detached homes. The redevelopment replaces 80 obsolete housing units in the area and many of the new homes will be occupied by existing neighborhood residents.

Goals of the Development:
* Develop new homes in line with the Village of East Alton's vision for a redeveloped Defense Area

* Create a strong sense of community by surrounding the existing park and recreation center with new, attractive homes

* Provide sustainable, energy-efficient, universally-designed workforce housing for families in East Alton

* Make infrastructure improvements such as new sidewalks to better connect the area with surrounding amenities such as schools and shopping options

All homes will be affordable to families earning 60% of the Area Median Income (exact income varies by family size). Nearly two-thirds (63%) of the population of East Alton will meet the income eligibility requirement.
23 two-plus bedroom homes @$575/month
11 three-bedroom homes @$625/month
12 four-bedroom homes @735/month
TOTAL DEVELOPMENT COST: $15.7 MILLION

PARTNERS WITH RISE:

Village of East Alton
*Planning & Facilitation

SWIDA
*Development Partner

Madison County
*Lender

IHDA (Illinois Housing Development Authority)
*Lender
*Allocator of Federal Low Income Housing Tax Credits & Illinois Affordable Housing Tax Credits

IDCEO (Illinois Dept. of Commerce & Economic Opportunity)
*Green Building Grant

PNC Multifamily Capital
*Investor

PNC Bank
*Lender

Altman Charter
*General Contractor

St. Louis Design Alliance
*Architect

SWIDA Board

James Nations, Chair

Reggie Sparks

Barbara Johnson

Khalil El-Amin

Jim Sullivan

Dave Willey

David Miller

Kennard Tucker

John Hipskind

Kevin Kaufhold

Greg Kuehnel

Edie Koch

Joseph Gray

Mike Lundy, Exec Dir

Joe Gasparich

Teri Rumsey

Contact Us

Southwestern Illinois Development Authority

1022 Eastport Plaza Dr

Collinsville, Illinois

62234-6121

(618) 345-3400

Email: [email protected]

www.swida.org

Did you know...

SWIDA has issued $1.2 Billion in Bonds.

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