Developers have closed on the financing and site work is underway on a 74-unit affordable senior housing development in Mount Prospect, Illinois.
Kenzie Senior Residences by Perlmark Housing Group will feature 60 one- and 14 two-bedroom apartments for individuals 55 and older. The 617- to 900-square-foot units have rents ranging from $400 to $1,083 per month.
“There is a growing need for affordable senior housing throughout the Illinois, and these new apartments will go a long way to address some of the unmet demand in the northwest suburbs,” Illinois Housing Development Authority (IHDA) executive director Kristin Faust said. “Kenzie Senior Residences is another great example of what is possible when the state’s public and private partners work together to promote a range of affordable housing choices in the community, and IHDA is proud to be a partner in this effort to bring this much-needed housing to Mount Prospect.”
The $21 million project required developer James Perlman, CEO and president of Perlmark, to secure financing from several sources, including IHDA’s affordable housing tax credit program and HOME Investment Partnership Program funding through the Cook County. Bank of America and Red Stone Equity Partners provided construction financing, tax credit, and permanent financing. In addition, the Housing Authority of Cook County has committed limited rental assistance to assist extremely low-income, disabled, and/or veteran seniors. The Village of Mount Prospect also provided support needed for the financing, zoning, and coordination of senior services for our future residents.
"Affordable housing has been a priority of mine since I first took office as an alderman with the city of Chicago, and has been a primary focus of my administration at the county level,” said Cook County president Toni Preckwinkle. "But there’s more work to be done, especially as we continue to recover from the COVID-19 pandemic and economic crisis. This new development is a signal of hope during these unsettling times and will provide our seniors with a decent, safe and affordable place to live in suburban Cook County for years to come.”
Mount Prospect mayor Arlene Juracek noted that additional affordable senior housing has long been part of Mount Prospect’s strategic plan. “Perlmark and its investment and financing partners are to be congratulated for recognizing the need and the attractiveness of investing in the Mount Prospect community, especially at this location with prime access to Randhurst village and other nearby amenities. We look forward to its residents calling Mount Prospect home.”
Perlman and his affiliates currently own more than 1,000 units of apartment communities in the Chicago metropolitan area and manage more than 700 units.