SWIDA’s commitment to the promotion and creation of affordable housing opportunities for the people of Bond, Clinton, Madison and St. Clair counties has come to the forefront of the Authority’s operations and focus. The Authority is currently undergoing a strategic business planning process specific to housing development initiatives and further building its capacity in this role. Furthermore, SWIDA has built very strong relationship within this industry and is highly capable of assembling and managing high performing teams of financial partners, designers, builders, property managers and professional services consultants that ensure its housing development activities are highly successful.
As indicated above, SWIDA has been actively working in support of and financing affordable housing developments of many kinds throughout its service area. SWIDA’s leadership has identified this a key area of future focus for the Authority. As such, SWIDA has taken a more active role in housing development, specifically as a sponsor and co-sponsor, of tax credit financed residential developments. To fulfill its goals in this regard, the agency has increased their capacity with the creation and filling of a Housing Director position as well as the engagement of a solid development partner and consultant. Both of these actions bring individuals and partners to the Authority with extensive housing development and financing experience.
SWIDA is building on a solid base of experience in housing development as the organization has participated in the financing through bond issuance or direct lending of more than $64 million resulting in over 600 housing units including:
- Eden Retirement Village: Located in Edwardsville, IL, this development is a mix of independent and supportive housing for seniors. SWIDA was the bond issuing agency for the financing of the development.
- Meredian Village: A senior community development in Glen Carbon, IL which includes a mix of independent and supportive housing. SWIDA was the bond issuing agency for the financing of the development.
- Community Development Corporation and Emerson Park CDC: This coordinated development activity spanned several years and include the newly constructed single family homes in the City of East St. Louis. After many years of stagnant newly constructed homes for ownership, these were a huge asset to the community and residents. SWIDA played an integral role in providing pre-development and construction loan funds for land acquisition and building costs.
In recent years, SWIDA has expanded its residential development actives by providing direct financing, land acquisition and direct development services for several affordable housing tax-credit projects including:
- Parson Place: 276 multi-family housing project in East St. Louis, provided construction and long-term financing.
- Mount Sinai: 60 unit detached single family lease/purchase project, also in East St. Louis, assistance with land acquisition/site assemblage.
- Emerald Ridge 46 unit single family lease/purchase development in East Alton, of which SWIDA is a co-developer.
In terms of in house capacity for SWIDA, the Housing Director has brings to the organization over 10 years of community and housing development experience through various roles including program development and management, project underwriting, construction oversight and compliance for developments totaling nearly $50 million in total development costs which produced roughly 340 affordable housing units in Madison County.
SWIDA is authorized by law to acquire and own property as it works to further economic development by partnering with entities that are interested in leasing or purchasing and developing land in Bond, Clinton, Madison and St. Clair counties. While we’re best known for our role in financing various developments over the years, we also assist with the redevelopment of both brownfields and areas with stagnant or declining economic and environmental conditions.
When it comes to site selection, we can help to connect you to the right contacts in the individual communities that interest you, and we offer the following convenient links to help get you started on your search.
Buildings and Site Selection
Through Location One, those interested in relocating to an existing building or developing on a new site are able to view and search for buildings and sites in Southwestern Illinois that are currently for sale. SWIDA works with partners to purchase and develop these buildings or properties.
When relocating or choosing to start a new project in a new location, having ready access to detailed information about the community is must. In its Community Profiles section, Location One offers a wealth of information that can help determine each area’s business climate, as well as offering statistics for labor force, demographics, quality of life and much more.