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posted: 4/30/2014 5:30 AM

Housing group busy rehabbing homes in Mundelein

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  • This house in Mundelein was rehabbed through a financial partnership between the village and the Affordable Housing Corporation of Lake County.

       This house in Mundelein was rehabbed through a financial partnership between the village and the Affordable Housing Corporation of Lake County.
    Gilbert R. Boucher II | Staff Photographer, 2013

 
 

The Affordable Housing Corporation of Lake County's effort to turn foreclosed and dilapidated houses in Mundelein into livable homes has gained steam since the group formed a financial partnership with the village last fall.

Five rehabilitation projects are under way and more are planned, said Lisa Pugliese, the nonprofit agency's executive director.

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Pugliese said the group hopes to purchase, renovate and sell 12 local houses in each of the next three years, far more than the one or two houses the group initially expected to renovate each year.

A deal with the Illinois attorney general's office has helped spur the project forward, she said.

"We're really excited to continue on," Pugliese told the village board during a brief public presentation Monday night.

The village board agreed in October to lend the housing group money to purchase local homes that it can renovate and resell. Under the pact, the group can borrow up to $100,000.

The loans are interest-free as long as they're repaid within 12 months. After that, the annual interest rate is 6 percent.

The agency cannot sell a house for more than the purchase price plus the cost of repairs.

"We are not flippers," Pugliese reminded board members Monday night.

Additionally, homebuyers receive financial management training through the group as part of the program.

The financial deal was the first of its kind for Mundelein and for the housing group.

But the group had been doing this kind of work in Mundelein for years. In all, the agency has rehabbed and resold 20 homes in the village, Pugliese said.

After the presentation to the board, Mayor Steve Lentz thanked Pugliese for the group's work in town.

"We greatly value our relationship with you," he said.

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