Real Estate Opportunities

Areas of need

The Home Start, LLC program implemented by Turnstone Development has an objective to find development projects that will help revitalize and stabilize “Areas of Greatest Need” that have been most negatively impacted by foreclosures, high-risk mortgages, and high rates of abandoned or vacant properties. In addition, this program seeks to ensure that funds are used to benefit the priority populations and goals identified in the Illinois Comprehensive Housing Planning Act (P.A. 94-965.), including providing affordable housing options for such special needs populations as very and extremely low income households, low income seniors, and low income persons with disabilities.

Under the Community Revitalization Program, Turnstone Development proposes to perform cosmetic and necessary code/rehabilitation of vacant buildings in order to transform them back to its highest and best use for the area. As an example, vacant houses decrease surrounding property values, diminishing the equity and assets of neighboring homeowners and investors; they are also properties that are magnets for vandalism and criminal activity, potentially causing health and safety issues for neighboring inhabitants.

Therefore, the projects goals asserted by Turnstone Development under the Home Start, LLC Program include, but are not limited to:

  • Beautifying and maximizing the best possible utilization for a vacant, blighted building;
  • Supporting the various municipal and City revitalization plans;
  • Generating additional real estate tax revenue for the municipality;
  • Creating new affordable housing for the increasingly growing low-income elderly and disabled populations throughout the City of Chicago and suburban Cook County area, with a specific focus on providing on-site supportive housing services as well;
  • Providing appropriate housing for veterans and their families;
  • Specifically targeting and decreasing the current waitlist population on the local housing authority’s waitlists.

With new housing opportunities, combined with a safer population inhabiting the community, it is projected that more business and economic opportunities will venture to the community, completing the revitalization plan. The project will help facilitate the transformation of a blighted, State identified “Area of Greatest Need” location back to an economically flourishing community. The project will also create an affordable housing option for State identified “Priority and Special Needs Populations” such as including extremely low income households, low income seniors, low income persons with disabilities, and persons who are homeless and those at risk of homelessness; it will also help decrease the current number of people eligible for this project who may be waiting for housing through various housing authorities.

As an Illinois Not-For-Profit Corporation, Turnstone Development is chartered to facilitate the mission of providing affordable housing opportunities throughout the United States with an emphasis on securing scattered sites for low-density, mixed-income housing units, which may be single-or multi-family, rental or for-sale units directly and correlates to address growing foreclosure rates and vacancies.

The project’s goals asserted by Turnstone Development under the Home Start, LLC Program center on revitalizing and stabilizing communities that have been negatively impacted by foreclosures, high-risk mortgages and high building vacancy and abandonment rates. The following specific goals outline the intended objectives that would come from this program:

Financial Institutions

  • Assist financial institutions in selling off properties where they have taken possession by offering them an attractive vehicle to bundle and sell off properties to Turnstone, which is in the business of developing and managing affordable housing. Turnstone is a Federal 501c3 and therefore the donations are tax deductible.
  • Help financial institutions lower their cost structure (e.g., legal costs, real estate commissions, taxes, etc.) through purchasing properties they may have to otherwise hold onto for a long period of time.
  • Help financial institutions satisfy their Community Reinvestment Act requirements.

Communities within the United States

  • Help communities address the needs of their at-risk residents.
  • Help communities address potential non-compliance with the Affordable Housing Appeals Act.
  • Help communities address the potential negative consequences of abandoned and unoccupied properties.
  • Interact with community and faith based groups to help and assist their clientele.

The Housing Authority of various municipalities

  • Help to reduce the waiting lists for Housing Choice Voucher (HCV) and Low Income Public Housing.
  • Expand services into more suburban communities where there is a growing need of affordable housing.
  • Help expand the homeownership program, including potentially partnering with HUD- approved housing counselors.

Home Start Veterans Program

Home Start, LLC purchases and rehabilitates housing in order to sell those homes to affordable housing home buyers. Home Start, LLC provides an incentive for homebuyers who are Veterans by giving an extra discount for those Veterans who want to purchase a home.

Home Start, LLC will give back up to 5 percent of the purchase price as a down payment assistance incentive program for those eligible buyers. In addition, Home Start, LLC will purchase a home warranty at no charge to the Veteran.

Eligible Buyers

  • Persons receiving an honorable discharge or who have received a discharge for medical reasons with an honorable record
  • Members and honorably discharged former members of the National Guard and Reserve
  • Spouses of deceased Veterans who have not remarried
  • Purchaser must be a first-time home buyer or not have owned a home and occupied it as a principal residence in the past three years. Current homeowners may qualify if they buy homes in targeted areas
  • Purchaser must meet the acquisition costs and income limits for the U.S. Veteran’s program and household income must not exceed the allowed limits for the geographic area where the home will be purchased
  • Purchaser must plan to buy a home and occupy it within 60 days of closing.
  • Purchaser must be able to prove legal residency. Eligible persons are those who are U.S. citizens or non-citizens who have lawful permanent residency in the United States. Non- citizens who cannot demonstrate legal residency are not eligible for the program