Business View Civil and Municipal | May/June 2022

5 CIVIL AND MUNICIPAL VOLUME 3, ISSUE 5 O p e n i n g L i n e s FEDERAL HOUSING ADMINISTRATION INSURES $65.5 MILLION MORT EFFICIENT TRANSIT-ORIENTED DEVELOPMENT IN ROSELLE, ILLINOIS Insurance endorsement provided by FHA supports creation of 295 new construction rental homes T he Federal Housing Administration (FHA) recently announced that it has closed on a $65.9 million loan insured under FHA’s 221(d)(4) New Construction Mortgage insurance program for Metro 19 Apartments in Roselle, Illinois. The insured loan will help finance the construction of an $84 million transit-oriented development adjacent to the Metra commuter rail station situated a half mile east of Roselle’s Main Street commercial district. The mortgage was originated by Merchants Capital Corporation, and the development team is led by Avgeris and Associates. The developer utilized HUD’s green/energy efficient housing incentive, the Green Mortgage Insurance Premium. It encourages applicants for FHA- insured mortgages to upgrade and maintain a property’s energy performance in exchange for reduced FHA mortgage insurance premiums. The five-story building is designed around a central courtyard, and amenities include a business office, fitness center, golf simulator, dog spa, outdoor pool, and enclosed rooftop lounge. Construction is scheduled to begin this year with leasing underway by 2024. A redevelopment agreement formed public- private partnerships between HUD, the