Homeownership


JP Completes New Homes


Watch the Twenty-First Homes Ribbon Cutting Video. 

 

Neighborhood Stabilization Program

 


Justine PETERSEN in partnership with Madison County Community Development and the Illinois Housing Development Authority is purchasing and renovating foreclosed properties to assist with neighborhood stabilization.  Photos are of the first property completed – 2413 State St. Granite City, IL 62040.  Properties will be sold for market value and sale proceeds used to continue program activities

Property Development

Justine PETERSEN established Twenty-First Homes LP to construct, own and manage 20 single low-income family homes in Granite City, IL.  Justine PETERSEN is currently the 99.99% limited partner and the 0.01% general partner is Twenty-First Homes Developers, a nonprofit company wholly owned by Justine PETERSEN.

The Illinois Housing Development Authority (IHDA) provided $3,905,908 in equity replacement funds.  The first mortgage of $630,000 in HOME funds is also from IHDA and the second mortgage of $400,000 in HOME funds is from Madison County Community Development.

Liberty Bank provided a $3.5 million construction loan that was repaid from IHDA equity replacement funds upon completion of the construction.

These homes will be rental for 15 years; however, the project has a strong homeownership component wherein the tenant may purchase the property after the 15 year rental period for a significantly reduced price.

For information about renting one of these homes, contact Keith Jackson with ND&S Management at 618-465-3245.

 

Justine PETERSEN Property Development 2010-2011



View Property Development 2010 - 2011 in a larger map