The Illinois Housing Development Authority (IHDA) board of directors reserved $12.7 million in federal low-income housing tax credits (LIHTCs) to help finance 12 affordable housing developments within eight counties across the state.
Once sold to investors, the tax credits will generate an estimated $132.4 million in private capital to finance the creation or preservation of 955 affordable apartments for families, seniors, and persons with disabilities. The construction activity is expected to support more than 1,657 full-time construction jobs and 298 permanent jobs, said IHDA officials.
“The LIHTC is the most effective tool we have to create and preserve affordable housing in Illinois,” said Audra Hamernik, IHDA executive director, in a statement. “The public-private partnerships formed through these credits lead to significant investments that revitalize and grow Illinois communities each year, ensuring working families, those with disabilities, and seniors have safe, decent, and affordable place to call home.”
Since the program’s inception in 1986, LIHTCs have financed more than 80,000 units of affordable housing in Illinois, or nearly 2,700 affordable homes each year.
The following developments were selected in the latest round to receive housing credits:
· The Marshall Hotel in Chicago: The Michaels Development Co. will transform the aging single-room occupancy Marshall Hotel into a mixed-use affordable housing development in Chicago’s Near North Side. In conjunction with the Chicago Housing Authority, all 90 apartments will be set aside for those in need of rental assistance.
· Pullman Artspace Lofts in Chicago: A unique development that will offer 38 affordable apartments to artists and their families in Chicago. The partnership between Artspace Projects, Chicago Neighborhood Initiatives, and Pullman Arts will give residents the opportunity to present their works at art galleries and a community art center located on-site.
· Huntington and Wheeling Tower in Niles: The Housing Authority of Cook County will fully renovate two properties, one in Wheeling and the other in Niles, as a part of the Department of Housing and Urban Development’s Rental Assistance Demonstration program. Once completed, the two buildings will offer 224 restored units for independent seniors and residents with disabilities.
· Aurora Downtown Revitalization in Aurora: The Community Builders will redevelop the former Waubonsee Community College Building and Coulter Court Residences into 76 units of affordable housing and commercial space in downtown Aurora. The development will include 20 units assisted by project-based vouchers from the Aurora Housing Authority.
· The Campana in Batavia: Verigreen Development will transform the historic Campana Factory into a mixed-income residential community near the Fox River in Batavia. The former hand lotion factory is featured on the National Register of Historic Places and will restore key historic elements of the building as it is converted into 64 residential units for families and individuals as well as commercial space.
· Anthony Place Yorkville in Yorkville: A new construction project by GC Housing Development and the Burton Foundation will bring 50 units of affordable housing to Kendall County near a variety local amenities, including a senior center, supermarket, and medical care.
· Berwyn Apartments in Bellwood: The redevelopment of the Berwyn Hotel will provide 28 affordable one- and two-bedroom apartments in downtown Berwyn. The New Direction Housing Corp. will add an additional floor to the building and convert the current hotel rooms into new units with full kitchens, while adding new amenities for the residents.
· Fox Meadows Independent Living in McLeansboro: Fox Meadows NFP and the Laborer’s Home Development Corp. will bring 30 new units of independent senior living to McLeansboro’s aging population. The new construction project will be built downtown and is walking distance to a wide range of neighborhood amenities.
· Scott County Homes in Winchester: This project will bring 20 new construction affordable rental homes for low- and moderate-income families in Scott County. The Scott County Housing Authority will provide additional affordable housing that will be located near local schools, grocery stores, parks, libraries, and restaurants.
· Indian Trail Apartments of Lawrenceville II in Lawrenceville: The Yost Management Co. will construct eight new buildings for a total of 30 units of affordable housing. The project is the second phase of the existing Indian Trail Apartments located near shopping and schools in Lawrenceville.
· Metro Landing of Swansea in Swansea: An optimal location for a transit-oriented development, Metro Landing of Swansea will provide 62 affordable housing units to seniors in St. Clair County. The Southwestern Illinois Development Authority and the Bywater Development Group will construct the development next to the MetroLink and MetroBus intermodal, allowing vast transportation access for the elderly tenants.
· Senior Residences of Bradley in Bradley: Gardner Capital Development and the Kankakee County Housing Authority will build 70 affordable units set aside for seniors 62 years and older. The development will have many amenities to make the tenants feel at home, including a fitness center and wellness services.
