The Individual Development Association, in collaboration with North Arrow Partners, celebrated the first construction phase of The Wildwoods affordable housing development with a groundbreaking ceremony on Thursday, October 26, at 695 S. State St. In Elgin.
Elgin Mayor Dave Kaptein and representatives from AID, North Arrow Partners and PNC Bank provided remarks, highlighting the history of the project and the positive impact Wildwoods will have for Elgin residents and the broader Kane County community.
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 include a community mental health center, a walk-in pharmacy, employment services, aid funding and resource development departments, and space available for community use and social service providers.
“We are excited to partner with PNC Bank on our first Low Income Housing Tax Credit Building,” said Lore Becker, AID President and CEO. “This will expand access to affordable housing for the people we serve.”
Wildwoods will offer one- and two-bedroom units to accommodate individuals, couples and families. The final phase of construction is scheduled to be completed by 2024.
This development project is made possible with funding from ComEd, the Illinois Housing Development Authority, the Seigle Foundation, the Kane County HOME Funds (Kane County and 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 repayment debt facilities.
“Access to affordable housing is an important and growing issue for communities across Illinois,” said Todd Krumwiede, senior vice president and regional director of construction for PNC Tax Credit Solutions. “As a leader in affordable housing development and rehabilitation, 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 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 to build strong relationships and provide retail and business banking services locally including a full range of lending products; Specialized services for businesses and government agencies, including corporate banking, real estate financing and asset-based lending; Wealth management and asset management. For information about PNC, visit www.pnc.com.
About North Arrow Partners
Originally founded in 1999, North Arrow Partners is an architectural and general contracting and development firm specializing in innovative communities. North Arrow Partners believes in building purpose and advocating for our clients and those they serve. Innovative housing for people with disabilities. Safe and accessible apartments for seniors. Designing Creative Energy and Sustainability for Families Learn more about North Arrow Partners by visiting northarrowpartners.com.
AID provides meaningful programs and services to individuals with developmental disabilities, mental health and crisis needs across the communities of Keene, Kendall, DeKalb, DuPage, Will, McHenry and suburban Cook County. 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 grassroots organization by parents of children with developmental disabilities. It has since grown to serve more than 5,000 children and adults in 2023, and services have expanded to include mental health, crisis and community outreach, affordable housing, victim services, street outreach, and more. Learn more about AID by visiting www.aidcares.org.