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Affordable Housing Fund

The Affordable Housing Fund was established by the Kane County Board to provide gap financing for the preservation and/or development of affordable housing for middle and lower income households. The fund provides financing, under flexible terms, to both non-profit and for-profit developers for the acquisition, rehabilitation and/or new construction of both homebuyer and rental units. The fund is administered by the Kane County Office of Community Reinvestment under the oversight of the Kane-Elgin HOME Commission, a city-county commission formed for the purpose of accessing federal funds to address the area'​s housing needs. The Affordable Housing Fund is a combination of funds provided by the U.S. Department of Housing and Urban Development (HUD) under various federal initiatives, as well as local funding available specifically for projects within the City of St. Charles.

Housing units developed with assistance from the Affordable Housing Fund must meet certain income and affordability restrictions. With regard to rental projects, the County is particularly interested in those that provide for the greatest length of affordability with the least amount of subsidy. Ideally, projects funded by the Affordable Housing Fund will be located throughout the County to the greatest extent possible so no single community or neighborhood experiences a disproportionate concentration of income-restricted housing. In general, the purpose of the Affordable Housing Fund is to increase homeownership opportunities and expand the supply of affordable rental units for low-to moderate-income households.

The Kane-Elgin HOME Commission reviews development proposals on a competitive basis, and evaluates them based on criteria outlined in the materials posted below. The Commission awards financing to projects that are both responsive to the criteria and further the following objectives:

  • Create affordable workforce housing that is in reasonable proximity to employment centers;

  • Create high-quality housing in areas of the County characterized by substandard housing, high-cost housing or generally have a negative neighborhood image;

  • Reduce the number of vacant/foreclosed properties that adversely impact neighborhoods; and

  • Develop housing in accordance with the General Principles and Specific Housing Criteria identified in the Kane-Elgin Consortium's Consolidated Plan.

The staff of the Office of Community Reinvestment is available to answer questions regarding the Affordable Housing Fund. Please contact Josh Beck, Assistant Director for Community Development, at 630-444-2960 or beckjosh@co.kane.il.us for further assistance.

If you are searching for affordable rental units please click on the following link: http://ilhousingsearch.org/

Affordable Housing Fund Documents

1.  AHF General Guidelines

2.  AHF Homeownership Guidelines

3.  AHF Rental Guidelines

4.  2023 AHF Homeownership Application Materials (fillable form)

5.  2023 AHF Rental Application Materials (fillable form)

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