Low Income High Density Housing or Luxury Retreat?

We truly are confused by this project. The project is being subsidized by an obscure tax credit funding called Workforce Housing.

This Workforce Housing Tax Credit program dates back to the Reagan years to build affordable housing to maintain viable local labor forces for industry. This is a very admirable goal. . however maybe we should first rebuild Industry to have jobs available?

Chicken or the Egg? Jobs or Workforce? Low Income Housing or Resort Lifestyle?
One to Three Million Dollars per Year of new Tax Payer Liabilities!

Please read the minutes of the meeting of June 26 2014 detailing all the amenities, costs and rents of this project. The information is scattered however most of the amenities are on page 16.
Fitness Center
Service Award
Service Award
  • ♦ Swimming Pool
  • ♦ Sand Volleyball court
  • ♦ Fitness Center
  • ♦ Business Center
  • ♦ Sun Deck
  • ♦ Picnic Area

continued from . . But wait! There's more!!

In addition to the ♦ Swimming Pool ♦ Sand Volleyball courts ♦ Fitness Center ♦ Clubhouse ♦ Sun Deck ♦ Business Center with Computers and Printers ♦ Gazebo ♦ Picnic Tables ♦ Barbecue Grills ♦ Playground for tots ♦ High attention to Landscaping for a Park like setting.

Included at no additional charge . . .
♦ Full time Maintenance man on Staff ♦ Full Time Property Manager on Staff ♦ Top Notch Appliances ♦ Front and Back Vistas for each Apartment ♦ Washers and Dryers in each Unit ♦ Walk in Closets with Built in Shelves ♦ Private storage so you don't take up closet space ♦ Within a half mile of Mass transportation ♦ Close to Restaurants ♦ Close to Employment Opportunities

Pedcor cost vs income

All for the LOW LOW price of $688 for a one bedroom apartment up to $955 per month for a 1500 square foot spacious unit!

Apply Today! and receive at no additional cost premium landscape grooming, building maintenance, all tax free for as long as you live in these apartments

This sounds like a parody or joke. . but it's not!!!

I will admit I am not the brightest bulb in the bunch however looking at what a mortgage payment would be for a $300,000 loan at a low 3.5% for 30 years the payment would be $1347.13 per month (If you could get a loan with $0 Dollars down) then add on property insurance, property taxes, general and major home maintenance. . . could this be done??

Well without all those extra pesky taxes and cost . . not to mention the long commute to work, restaurants, shopping, health club etc I see a bit of a shortfall between costs and income. The costs just of money $1347.13 - $955 (the highest rent) = negative $392.13 X 60 units = negative $23,527.80 per month or a whopping deficit of $282,333.60 a year!!

This $282,333.60 per year does not include all of the additional costs or amenities us privileged tax payer must pony up in addition to our mortgages!

Realistic figures bring this well into the millions of dollars per year of new liabilities above revenues generated by this project.

Maybe you should consider selling your home, ponying up money at the race track, get a job washing dishes and applying for one of these apartments!!

The moral of this story is fool me once shame on you, fool me twice shame on me. . . .

So who is paying for this Corporate Welfare???

Tax Payer

On the horizon. . .
Is this another Tax Credit builder rezoning for High Density to build on Haber Road in Cary Oaks?

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Cary Illinois