River's Edge Townhomes

River’s Edge Townhomes is the rehabilitation of 30 townhome style units in Elgin, IL. Bear partnered with the Housing Authority of Elgin to utilize the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (“RAD”) program to convert the 30 public housing units to Section 8. Bear utilized multiple capital sources including 4% low income housing tax credits “LIHTC,” IL Affordable Housing Tax Credits, Kane County HOME funds and a primary mortgage from IHDA. CMA acted as general contractor for the rehabilitation of the units. Construction will be completed in December 2017.