SWIDA’s commitment to the promotion and creation of affordable housing opportunities for the people of Bond, Clinton, Madison and St. Clair counties has been a priority among supported activities and has, in recent years, come to the forefront of the Authority’s operations and focus. In the past, SWIDA helped build strong relationships within this industry among 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.
SWIDA has participated as a co-developer/owner among the following affordable housing developments:
- Emerald Ridge: 46-unit single family lease/purchase new construction redevelopment in East Alton for families which SWIDA is a co-developer with RISE. Funded through the Affordable Housing Tax Credit and HOME Program, this development was completed in 2015.
- Metro Landing of Swansea: 62-unit multifamily building for households 55 years and older in Swansea, of which SWIDA is a co-developer with Bywater Development Group. Funded through the Affordable Housing Tax Credit and HOME Program, this development was completed in 2019.
- Highland Villas: 48-unit villa style new construction for households 55 and older in Highland, which SWIDA is a co-developer with Bywater Development Group. This development has received funding allocations through the Affordable Housing Tax Credit and HOME Program, it is anticipated to be completed by the end of 2020.
- Lofts on the Square: 47-unit historic rehabilitation of the former Hotel Belleville/Meredith Home in downtown Belleville for households 55 years and older, which SWIDA is a co-developer with Bywater Development Group. This development has received allocations through the Affordable Housing Tax Credit, State of IL Historic Tax Credit and is eligible for Federal Historic Tax Credits. It is anticipated to be completed in the summer of 2021.