June 22, 2010
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Illinois Housing Development Authority
CHICAGO – Built as a result of nearly $13 million in State of Illinois financing, a new development of affordable rental townhomes featuring green technology opened today in Urbana. On behalf of the administration of Governor Pat Quinn, officials with the Illinois Housing Development Authority (IHDA) celebrated the grand opening of Crystal View Townhomes, a development of 70 homes at 102 E. Stebbins Drive, Urbana.
As the state’s housing finance agency, IHDA invested $12.7 million in federal low-interest loans,
Illinois Affordable Housing Tax Credits and federal tax credit equity to build Crystal View.
Crystal View also received $272,000 in energy efficiency grants from the Illinois Department of
Commerce and Economic Opportunity (DCEO) for incorporating environmentally-friendly
features.
“Crystal View truly demonstrates the success of public-private partnerships in the development of
quality affordable housing across Illinois,” said Gloria L. Materre, IHDA Executive Director.
“Continuing our commitment to affordability, this development’s green efficient technology will
help keep energy bills down for residents.”
Developed by Brinshore Development and Homestead Corporation of Champaign-Urbana,
Crystal View features 48 two-bedrooms, 12 three-bedrooms and 10 four-bedrooms, and a
community building for residents. Green features include solar panels, geothermal heating and
cooling and native landscaping.
For more information about Crystal View Townhomes, contact Homestead at (217) 328-0132.
About the Illinois Housing Development Authority
IHDA (www.ihda.org) is a self-supporting state agency that finances the creation and the preservation ofaffordable housing across Illinois. Since its creation in 1967, IHDA has allocated more than $10 billion and financed approximately 210,000 affordable units across the state. IHDA accomplishes its mission through a number of federal and state funding sources including the Illinois Affordable Housing Trust Fund, the Illinois Affordable Housing Tax Credits Fund, the allocation of federal Low Income Housing Tax Credits, and HOME Investment Partnership funds. IHDA is also a bonding authority, and
independently sells bonds, based on its own good credit, to finance affordable housing in Illinois.