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Crestview Village Apartments (IL)

200 Crestlane Drive
Kankakee, IL
Deal Type: 
Acquisition/Rehab
Year Built: 
1971
Acquisition Date: 
2005
Last Renovation: 
2006
Number of Units: 
132
Tenancy: 
Family

Crestview Village Apartments was built in 1968 under the HUD Section 236 program to provide families in Kankakee with affordable housing options within a safe and secure neighborhood. By the year 2000, Crestview Village had become one of the most troubled developments in HUD’s Illinois portfolio.

POAH crafted a complex layering of financial subsidy to underwrite the purchase of Crestview Village in 2005. This included State of Illinois Donation Credits, a unique preservation funding mechanism available only in Illinois and one other state.

As owner, POAH completed over $5 million in capital improvements to the property. All apartments were renovated with new kitchens and baths, heating and cooling systems, paint, floor tile, closet shelving and blinds. The exterior face lift included new rooflines— eliminating problematic flat roofs—as well as new lighting to enhance safety, 40 new trees to beautify the site, and a rebuilt playground with new equipment.

The former office was doubled in size to create a community center for resident gatherings, classes and meetings.

Project Partners: 

  • Illinois Housing Development Authority (IHDA)
  • Bank of America