Lake County Residential Development Corporation is a not-for-profit 501(C)3 agency founded in 1978 with the mission of providing affordable housing in communities where little or no affordable housing is typically available.
LCRDC has developed both for-sale projects and rental developments. Representative projects include a 110 unit new construction rental for seniors in Zion; 26 townhomes sold to low income buyers in Gurnee; 58 scattered site rental units in communities such as Barrington, Lake Bluff, Mundelein, Gurnee, Zion and Libertyville.
In addition, LCRDC has preserved over 726 apartments through the Federal Low-Income Tax Program in North Chicago, Park City, and Gurnee. LCRDC also owns a nine unit building called Mary Pat Maddex Place which serves low income families.
Lake County has a critical shortage of affordable housing for low-income households, special needs individuals, and families. We all need to seek solutions to this shortage. Recent statistics reveal:
· Nearly 86,000 households in Lake County - more than one in every three - pay more than 30% of their income for housing. In addition, 32,000 households - roughly one in every seven households - pay more than 50% of their income for housing.
· A minimum-wage worker in Lake County must have 2.4 full-time jobs to afford a two-bedroom apartment at the fair market rent of $1,232.
· Home prices are growing faster than incomes in Lake County. Between 2000 and 2006, the median sales price increased by 42%, while personal income increased by only 12%.
In order to address the ever growing affordable housing needs in Lake County, LCRDC will continue to identify opportunities and leverage both public and private funds for development. LCRDC has developed sites on its own and joint ventured developments with for-profit developers. Partnerships with for-profit developers and local municipalities can ensure that the critical shortage of affordable housing can be met in Lake County