Evergreen Real Estate Group has started construction on Green Oaks of Valparaiso, a three-story, 120-unit assisted-living community for low-income seniors in Valparaiso, Indiana.
The development will feature 48 studio and 72 one-bedroom apartments, all of which will be reserved for seniors 62 or older, with incomes at or below 60% of the area median income. A financial assistance program will be available for those who qualify.
Green Oaks of Valparaiso will be licensed and regulated as a residential care facility by the Indiana Department of Health and approved to be an assisted-living Medicaid-waiver provider by the Indiana Family and Social Services Administration.
Financing for the $30 million development includes 4% low-income housing tax credits (LIHTCs) reserved by the Indiana Housing and Community Development Authority. PNC Bank invested in the project, providing the LIHTC equity. In addition, the city of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler, providing debt financing.
“We are thrilled to now have construction underway at our second affordable assisted-living community in Indiana,” said Steve Rappin, CEO of Evergreen Real Estate Group, a Chicago-based leader in the development, acquisition, and management of affordable and market-rate multifamily housing. “Green Oaks of Valparaiso will not only provide area seniors with safe, affordable housing in a familiar setting but also the care and social interaction that significantly enhance their quality of life.”
Each residence at Green Oaks of Valparaiso will feature a kitchenette with an electric range, a refrigerator, and a microwave, as well as a full private bath with grab bars and a walk-in shower. Apartments also will include window treatments, individual heating and air conditioning, and an emergency call system.
On-site amenities will include a community room with a kitchen, a media and theater room, a computer room, a meeting room, a fitness center, a beauty salon, a library, a community garden, and an outdoor area featuring a pond, a courtyard, and a pavilion. There will also be 90 parking spaces for residents and visitors.
The community’s dining room will serve residents three meals a day plus a rotating assortment of snacks. Certified staff will deliver 24-hour care and assist residents with bathing, grooming, dressing, managing medications, and shopping. Other services include laundry, weekly housekeeping and transportation to off-site health care providers and other destinations throughout Valparaiso.
Gardant Management Solutions, a leading provider of affordable assisted living, has served as a member of the project development team and will manage the community.