Turnstone Development, a nonprofit developer of affordable housing based in Illinois, and North Arrow Development, a full-service real estate developer, have teamed up with WNC & Associates, a leading force in the affordable housing industry, to embark on the construction of Flax Meadow Townhomes II in Highland, Illinois. Located just 35 miles east of St. Louis, Missouri, this project represents the second phase of the existing Flax Meadow Townhomes.
The development will consist of 32 units, offering a mix of seven single-story accessible units and 25 two-story units. The project includes a total of four one-bedroom, 12 two-bedroom, and 16 three-bedroom units, designed to cater to a diverse range of families. To ensure accessibility and affordability, five units are reserved for formerly homeless or disabled households referred through the State of Illinois Referral Network. Additionally, 10 units are allocated for families making 30% of the area median income (AMI), and 22 units are designated for families making 60% of AMI.
The construction of Flax Meadow Townhomes II is estimated to cost $12.6 million, encompassing both hard costs and amenities. Residents will enjoy a variety of common amenities, including bike racks, storage, a playground, a community garden, on-site management, CCTV/cameras, and a courtesy officer. Inside the modern units, residents will find a range of convenient features, such as an electric range, refrigerator, garbage disposal, dishwasher, microwave, washer/dryer machines, low-flow toilets and faucets, central air conditioning, window blinds, carpeted stairwells, LED lighting, luxury vinyl flooring throughout the living area, kitchen, and bedrooms, and sheet vinyl in the bathrooms. Each unit will also have a private patio or balcony.
“We are pleased to be partnering with Turnstone and North Arrow on the second phase of this successful property,” said Michael C. Byrd, Vice President – Originations at WNC. “Given the demand in the market and the quality of the finished product, we are confident the project will provide safe, high-quality housing in a market that really needs it.”
The financing for the project comes from a combination of sources, including 9% federal equity under the non-profit set-aside. IFF has provided a $1.35 million permanent loan, while the Madison County HOME program has contributed a $500,000 soft loan. The Illinois Housing Development Authority (IHDA) has generously provided a $2.8 million grant, which will be loaned to the partnership through Turnstone Development. Horizon Bank will be providing a $5.7 million construction loan. Finally, five units will receive Housing Assistance Program (HAP) Project Based Vouchers from the Madison County Housing Authority.
“There is an overwhelming demand for safe, sustainable quality affordable homes,” said Sue Wiemer, Interim Executive Director of Turnstone. “We are thrilled to be underway with construction on our second phase of Flax Meadow in partnership with North Arrow Partners. We heard the need for additional affordable housing in Highland and are so grateful for the partnership and support from the City, the Illinois Housing Development Authority, WNC, IFF, Madison County, Madison County Housing Authority and Horizon Bank, all who were essential in making this happen.”
The completion of the first two townhomes is expected in May 2025, marking a significant step towards addressing the need for affordable housing in Highland. Located within 35 miles of St. Louis and within walking distance of middle and high schools, Flax Meadow Townhomes II promises to create a safe and affordable community for 32 families.
WNC & Associates, founded in 1971, is a family-owned business renowned as a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. With offices in 16 states, WNC has partnered with over 400 developers and 125 institutional investors. To learn more about WNC, visit their website: https://www.wncinc.com/.
