A proposed apartment tower could bring 45 more apartments to downtown Arlington Heights, with more than 40 percent of those units available to people who qualify for lower rent under affordable housing guidelines.
The Arlington Heights housing commission is expected to discuss the development, Parkview Apartments, 212 N. Dunton Ave., at its meeting on Tuesday and it will be before the plan commission on July 9.
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The seven-story building would have one-, two- and three-bedroom units, two levels of parking and more than 1,200 square feet of retail on the first floor, according to plans submitted to the village.
While downtown Arlington Heights is home to several apartment and condominium towers, Parkview Apartments would be unique for the percentage of affordable units it would offer.
Arlington Heights has been distributing affordable housing guidelines to developers since 1998 and while they are not a requirement, the guidelines suggest that 15 percent of new units be reserved for affordable housing. According to plans for Parkview Apartments, 42 percent of the apartments, or 19 units, would be reserved for affordable housing qualified residents.
According to documents, the petitioners plan to apply for Low Income Housing Tax Credits to help fund the project.
To qualify for a one-bedroom affordable unit, which would rent at $774 a month, someone would need an income between $26,537 and $32,600. A one-bedroom apartment in surrounding downtown buildings can rent for anywhere between $1,200 and $1,600 a month.
"We're encouraged by the inclusion of the affordable units since they will be located near services, retail and jobs," said village Housing Coordinator Nora Boyer. "We've had a number of studies and reports that all tell us that there is a need for more affordable units for our residents."
A condo building was previously approved on the site, but fell through during the economic downturn and the location has remained a vacant lot for several years, Boyer said.
Boyer said she expects a favorable reception with the housing commission, which has often pushed for more affordable units in Arlington Heights in the past.
According to a report from the petitioner's lawyers Acosta Ezgur, LLC., a neighborhood meeting about the project was held on May 20 with property owners within 250 feet of the proposed site. With about 30 people in attendance, concerns were expressed about parking, property values, overcrowding the downtown and noise during construction.
A third-party study done by Development Strategies for the developer, Parkview Dunton LLC, found that the project "will fill a much needed gap in the provision of affordable housing in Arlington Heights and will redevelop a currently underutilized site in downtown."
According to the study, the 25 nearest properties receiving Low Income Housing Tax Credits are an average of 10.5 miles from downtown Arlington Heights and a third of those target senior households. There are more than 10,000 households that meet the income qualifications for affordable housing in the 38-square-mile area surrounding the proposed Parkview Apartments, the study found.
The housing commission will discuss the project at 7 p.m. Tuesday, July 1, in a room on the second floor of village hall, 33 S. Arlington Heights Road.