The Illinois Housing Development Authority (IHDA) has awarded over $22.5 million in federal low-income housing tax credits (LIHTCs) to 20 affordable housing developments in 12 counties.
The housing tax credits will support the new construction or preservation of 1,442 units for low- to moderate-income families, seniors, and individuals with special needs.
Once sold to investors, the housing tax credits will generate approximately $258 million in private capital, according to IHDA. The construction activity from these developments is also expected to support over 2,000 full-time construction jobs and almost 550 permanent jobs once completed.
“The LIHTC is instrumental in helping IHDA achieve our mission of financing safe, quality, and affordable housing in Illinois,” says Audra Hamernik, IHDA’s executive director. “This program is a proven public-private partnership that allows us to leverage significant private investment to drive developments that will create jobs, generate tax revenue, and ensure working families, seniors, and people with special needs have a place to call home.”
The developments receiving LIHTC reservations include:
- Altamont Senior Residences in Altamont: This 30-unit development by New Directions Housing Corp. will serve seniors at 30% and 60% of the area median income (AMI);
- Aspen Court in Urbana: TWG Development will rehab the 137-unit Aspen Court Apartments;
- Bristol Place Residences in Champaign: The 90-unit development by Oak Grove Development Corp. will include 84 units for low- and moderate-income residents;
- Cary Senior Living in Cary: This 62-unit development by Housing Opportunity Development Corp. will provide housing for low-income seniors and will operate as a senior center for the community;
- Cass County Homes in Virginia: The Housing Authority of Cass County is sponsoring the development of 20 single-family homes;
- Forest Oaks in Forest Park: Sponsored by Carefree Development, this 56-unit development will serve low- and moderate-income seniors 55 and older;
- Fox River Crossing in Elgin: The 60-unit development by Fox River Affordable Housing Corp. will serve seniors;
- Franklin Tower Apartments and Heinrich House Apartments in Franklin Park and Des Plaines: The Housing Authority of Cook County will renovate two existing buildings with 252 units of affordable housing;
- Greenfield and Roodhouse Homes in Greenfield and Roodhouse: Apple Prairie Residential Services will replace Prairie Court Apartments in Greenfield and Glen Rowe Apartments in Roodhouse with 46 new single-family homes;
- Heart’s Place in Arlington Heights: Housing Opportunity Development Corp. will create 16 units of permanent supportive housing for people with disabilities;
- Johnson & Butler-Lindon Supportive Housing in Chicago: This development by Preservation of Affordable Housing will preserve 105 affordable apartments in the Woodlawn neighborhood;
- Marison Mill Suites in South Elgin: This 70-unit development by the Burton Foundation will provide housing and on-site services for seniors;
- Marycrest Village in Joliet: The 57-unit development for seniors will undergo a rehab by Volunteers of America;
- Montclare Senior Residences of Calumet Heights in Chicago: This 134-unit development by MR Properties will serve low-income seniors;
- Rider Place Apartments of Arcola in Arcola: Sponsored by Yost Management Co., this 56-unit development will be targeted to households at 60% or less of the AMI;
- Tiger Senior Apartments in Paris: The Laborers Home Development Corp. will transform the old Paris High School into 42 units of housing for seniors;
- Warren Apartments in Chicago: This 75-unit development by Heartland Housing will include affordable and market-rate units.
- Washington Senior Apartments in Bloomington: Iceberg Development Group will rehab the existing building that was constructed in 1917 as a high school and junior high school into 58 units for seniors;
- Westridge Apartments in Mendota: This 24-unit building will be rehabbed by Housing Services Alliance; and
- Wisdom Village of Northlake II in Northlake: Turnstone Development Corp. will demolish three vacant buildings to construct a 50-unit project for low- and moderate-income seniors.