The City of Champaign is pleased to announce that earlier today the Illinois Housing Development Authority awarded Oak Grove Development Corporation (an affiliate of the Housing Authority of Champaign County), in partnership with the City of Champaign and AHDVS, LLC, low-income housing tax credits for the Bristol Place redevelopment project. The tax credits were awarded through a highly competitive process and will serve as the main financing tool for the nearly $23 million first phase to construct 90 new homes and multi-family housing units in Bristol Place.
“Securing this financing was a critical step in the multi-phased, multi-year process to redevelop the Bristol Place neighborhood,” said Kerri Wiman, Neighborhood Programs Manager. “This project will have a transformative impact on the northeast part of the city, and we’re excited to receive the funding support needed to keep the project moving forward.”
The redevelopment of Bristol Place is grounded with sound planning and significant community input. Community volunteers with the Bristol Park Neighborhood Steering Committee have been working with the City since 2011 to provide guidance on the redevelopment. When completed, the new community will offer long-term affordability through a mix of housing types, including single-family detached homes, townhomes, and apartments for seniors.
Wiman adds, “Planning for the redevelopment of Bristol Place has been a true community effort, with valuable input provided by area residents throughout the process. With City assistance, the last family is now relocating out of the neighborhood, which should be fully cleared by February of next year and construction should begin in Spring 2018.”
Contact: Kerri Wiman | 217-403-7070 | email@example.com