CORNERSTONE APARTMENTS

CLIENT | TCB Evans Langley LLC

LOCATION | 727 5th Place; 637 50th St; 648 50th St; 611 50th St Chicago, IL 60653

GENERAL CONTRACTOR | Madison Construction

START DATE | Fall 2014

DATE COMPLETED | Not yet completed

PROJECT MANAGER | Sean Glowacz

PROJECT DESCRIPTION
The Community Builders Inc is a non-profit real estate development company focused on building and sustaining strong communities where people of all incomes can achieve their full potential. In order to help carry out this mission, TCB was awarded $78 million in Neighborhood Stabilization Program funding (NSP2) from the Department of Housing and Urban Development. Part of this award has been appropriated to the Cornerstone Apartments project, which is also receiving financing from private equity through low-income housing tax credits and donation tax credits. Beginning construction in fall 2014, Cornerstone Apartments consists of 8 buildings which will undergo substantial rehab of 45 units as well as the construction of 20 new housing units.

TARGET GROUP PRODUCTS AND SERVICES

• Outreach & Outreach Conferences
• Reporting
• Local Hiring Program
• Payroll Services
• Compliance and Monitoring
• Site Monitoring/ Visits
• Contractor Commitment Meetings

PROJECT GOALS & ACHIEVEMENTS

City TIF Requirements – Participation to Date

• 25% MBE – 29.53%
• 5% WBE – 15.25%
• 50% City of Chicago – 60.69% Residency

NSP Section 3 Requirements – Participation to Date

• 10% Total Contracting Dollars – 11.6% – 3% Professional Services
• 30% New Hires – 83.33%
• 30% MBE – 39.7%
• 10% WBE – 17.28% – 5% DBE – 12.32%