The Wildwoods affordable housing development breaks ground in Elgin
The Association for Individual Development, in collaboration with North Arrow Partners, marked the first construction phase of The Wildwoods affordable housing development with a special groundbreaking ceremony on Thursday, Oct. 26, at 695 S. State St. in Elgin.
Elgin Mayor Dave Kaptain and representatives from AID, North Arrow Partners and PNC Bank provided remarks, highlighting the history of the project and the positive impact The Wildwoods will have for residents in Elgin and the broader Kane County community.
The Wildwoods will consist of Wildwood Commons, a 24-unit permanent supportive housing property; Wildwood Trace, a 50-unit affordable housing property; and a Community Center, which will house a Community Mental Health Center, a closed-door pharmacy, employment services, AID finance and resource development departments, and space available for community use and social service providers.
"We are excited to be partnering with PNC Bank on our first Low-Income Housing Tax Credit building," said Lore Baker, AID president and CEO. "This will expand access to affordable housing for the people we serve."
The Wildwoods will provide one and two-bedroom units to accommodate individuals, couples and families. The final phase of construction is set to be completed by 2024.
This development project is made possible with funding by ComEd, Illinois Housing Development Authority, Seigle Foundation, Kane County HOME funds (Kane County and the Kane County-City of Elgin Home Consortium) and Congressman Krishnamoorthi Community Support Funds.
PNC Bank provided equity in exchange for low income housing tax credits allocated to the project and through a bridged debt facility.
"Access to affordable housing is a significant and growing issue for communities across Illinois," said Todd Krumwiede, senior vice president and regional manager of originations for PNC Tax Credit Solutions. "As a leader in developing and rehabilitating affordable housing, PNC is proud to work with AID and North Arrow Partners to address this need in our community."
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About North Arrow Partners
Originally formed in 1999, North Arrow Partners is a development, full architectural and general contracting firm specializing in innovative communities. North Arrow Partners believes-in building purpose and advocating for our clients and those they serve. Innovative housing for those with disabilities. Accessible, safe apartments for seniors. Creative energy design and sustainability for families. Learn more about North Arrow Partners by visiting northarrowpartners.com.
About AID
AID provides meaningful programs and services for individuals with developmental disabilities, mental health and crisis needs across Kane, Kendall, DeKalb, DuPage, Will, McHenry and suburban Cook County communities. Our main offices are located in Aurora and Elgin, with a strong presence throughout the greater Elgin area. AID was founded in Aurora in 1961 as a grass-roots organization by parents of children with developmental disabilities. It has since grown to serve over 5,000 children and adults in 2023, and services have expanded to include mental health, crisis & community outreach, affordable housing, victim services, street outreach and more. Learn more about AID by visiting www.aidcares.org.