PRAIRIE VIEW AT HEYWORTH

Heyworth, Illinois 

Prairie View at Heyworth is the new construction of 30 one-story single-family homes located in Heyworth, Illinois. Prairie View is restricted to households earning no more than 30 percent and 60 percent of area median income (“AMI”). The property includes 15 two-bedroom/two-bath homes and 15 three-bedroom/two-bath homes. Six of the two-bedroom homes are restricted at 30 percent AMI, of which 5 are restricted to special needs households with a head of household who has a physical, developmental, or mental disability or illness, substance abuse disorder, HIV/AIDS, or is homeless or at risk of homelessness. These families will be referred for residency to the property through a contract with the Statewide Referral Network (“SRN”). Based on their individual needs, special needs residents will be referred by the SRN to its network of community agencies that provide supportive housing services.  

Prairie View is being financed with $6.4M of equity raised by R4 Capital from investors in 9 percent Low Income Housing Tax Credits, a construction-to-permanent loan of $2.7M from IIF (reduced to $950K at conversion), COVID-19 Affordable Housing Grant Program funds of $2.56M, a Trust Fund Grant of $430,000 from IHDA, and a $450,000 Affordable Housing Program (“AHP”) residual receipts loan from the Federal Home Loan Bank of Chicago. 

Construction was completed in early July 2024, and all homes were leased and occupied by mid-August 2024.  The management company had three times as many applications as there are homes.  At the end of the Housing Credit compliance period, each household will have a right of first refusal to purchase its home. 

Financing for this property was provided by R4 Capital LLC, and it was developed by Domera Development, LLC, and Regional Housing Development, Inc (“RHD”), a nonprofit development arm of the Menard County Housing Authority, utilizing the 9 percent Low-Income Housing Tax Credit (Housing Credit).