BLOOMINGTON — The Twin Cities' affordable rental homes market includes 26 foreclosed homes that have been given a face-lift as a part of a $5 million project led by a Northbrook developer.
Brinshore Development spent 14 months completing renovations to both single-family and duplex homes throughout residential neighborhoods in Bloomington and Normal. Three of the units are in Normal and 23 are in Bloomington.
"By doing arduous work of rehabilitating many homes on many blocks in Bloomington and Normal, we have been able to put some deteriorated homes back in service, on the property tax rolls, stabilizing value for homeowners while at the same time providing affordable homes to families that desperately need one," said David Brint, president of Brinshore Development.
About 60 percent of the project was funded through federal low-income housing tax credits distributed through the Illinois Housing Development Authority.
"We're always excited to see houses rehabilitated and made available at an affordable price," said Mercy Davison, Normal town planner.
There is a critical need for affordable housing in Bloomington, added Mayor Tari Renner.
"We are an affluent community, but we don't always realize that there are many people who do not share in our collective wealth," he said.
"There are people who are struggling, so I think this is great for the families but also the neighborhoods. If you fix up houses then the property values of the surrounding properties will also not deteriorate and encourage people to invest in their homes as well."
Brinshore Development plans a grand opening at 11 a.m. Aug. 11 at 823 W. Jackson St., which is one of the refurbished single-family homes.
Brinshore purchased the homes for $20,000 to $109,000 from foreclosure sales, short sales and from banks.
Most of the dwellings were gutted with major systems, such as heating and ventilation, replaced; and exterior improvements made. Some of the buildings were torn down and new units built.
Twenty-two of the 26 units already have been leased and the remainder will be rented by mid-August. The rents range from $435 to $1,030.
Eleven units will house residents earning under 60 percent ($37,173) of the area median income; nine units under 50 percent ($30,798); and six units under 30 percent ($18,587).
The median household income is about $61,955 in McLean County, according to the Bloomington-Normal Economic Development Council.
In Bloomington, the refurbished single family homes are at: 1 Woodruff Drive, 312 Low St., 329 E. Lincoln St., 406 N. Catherine St., 408 Kreitzer Ave., 604 E. Jackson St., 704 W. Jefferson St., 816 W. Mills St., 823 W. Jackson St., 903 S. Madison St., 1002 W. Grove St., 1108 N. Morris Ave., 1310 S. Center St., 1311 N. Morris Ave., 1401 W. Wood St., 1403 Sheridan St., 1409 W. Graham St., 1509 Wilson St., and 1626 W. Iowa St. There are two duplexes at 504 W. Grove St. and two duplexes at 506 W. Grove St.
The Normal single-family homes are 400 E. Locust St., 1110 Hovey St. and 1015 N. Walnut St.
Brinshore also owns Anglers Manor Apartments, affordable senior living units at 1017 S. Mercer Ave. in Bloomington, which is where leasing for the renovated homes will be managed.