A man inherited a one bedroom manufactured home from a loved one. The heir was at odds with the mobile home park regarding the lot rent and iCandy Homes (acting as OXO Investments at the time) stepped in and mediated the situation. The acquisitions team relieved the owner of his burden and alleviated a potential liability from the mobile home park. Just a few months later, iCandy Homes financed the property to a new buyer.
A family inherited a three bedroom/two bathroom single family residence from a loved one. The property had become a financial burden to the heirs. They wanted to sell, but they did not have the time or money to update the property in order to maximize its value. iCandy Homes purchased the single family home with cash and after a six week rehab, the property was back on the market. A young family with five children purchased the property from iCandy Homes through a first time homebuyer FHA loan.
Section 8 part of proposed senior housing complex raises some concerns
New Lenox Mayor Tim Baldermann recently requested clarification on Section 8 subsidized housing that could be a part of a proposed senior housing complex. Baldermann’s request came after a litany of complaints from residents of the Water Chase Estates, which is adjacent to the site. The area for the project is proposed for annexation.
William Bolker is head of the family that is proposing to build a three-story, 50-unit senior living facility on three acres of undeveloped land on Laraway Road, one-half mile east of Cedar Road. Bolker explained that the federal department of Housing and Urban Development has no connection to this proposed planned unit development. But he did acknowledge that the financing the family seeks to cover construction costs is related to the Illinois Housing Authority, which does require a “staggered rent schedule” for the people who live in the complex, he said.
Baldermann reminded all the residents in attendance that the development is weeks away from board approval or rejection. In that time, village staff are expected to “prepare a summary” explaining the relationship subsidized housing has to this development.
“It’s a real hard argument that it won’t affect their property values,” said Trustee Nancy Dye. The Water Chase Estates is a subdivision promoted as luxury custom-built homes ranging in price from $450,000 to $1 million. Among the concerns raised by residents is the need for senior living community. Bolker, a longtime resident of New Lenox, insists there is an “extreme need” for senior housing in New Lenox. “This development helps people who cannot afford to live in New Lenox,” Bolker said.