More than $89 million to help build and preserve senior, family and homeless housing    

[NOV. 29, 2004]  CHICAGO -- The Illinois Housing Development Authority announced Friday that its board of directors has approved more than $89 million of financing to construct and preserve more than 1,550 units of affordable housing throughout the state. The financing was approved at the November meeting of the board of directors and includes housing for seniors, families and homeless in 53 counties across Illinois.

"The Illinois Housing Development Authority is delighted at the wide array of affordable housing initiatives that have been presented to the authority to meet the needs of Illinoisans across of the state," said Kelly King-Dibble, Illinois Housing Development Authority executive director. "I commend the developers who remain committed to building quality, safe, decent housing that is affordable to Illinoisans of low or moderate means, and I am proud that we are able to bring the financing to make their vision and these homes a reality."

Glenview, Thomas Place -- $9,922,011

The Illinois Housing Development Authority's allocation of low-income housing tax credits for construction of 44 one-bedroom units and 100 two-bedroom units at Thomas Place will help Glenview seniors find an affordable home. The development includes a garden area, community area, elevator, laundry facilities, exercise room and on-site management.

Alton, Hampton Place Extension -- $2,969,670

IHDA's allocation of low-income housing tax credits will allow families in Alton's Mexico neighborhood to live closer to where they work, reduce their commuting time and spend more time in their community with their families in 26 new single-family rental houses. The houses will have three bedrooms, full basements, landscaping, brick facades and attached garages. At the end of a compliance period, families will have the opportunity to purchase the homes and may qualify for down payment assistance.

Zion, Zion Senior Cottages -- $5,658,000

IHDA's allocation of low-income housing tax credits will provide more affordable housing options for Zion seniors. Construction of 25 one-story buildings in town house style will provide 63 one-bedroom and 47 two-bedroom units of independent senior housing. The units will include a gas range, refrigerator, dishwasher, garbage disposal, window treatments, carpet, ceramic tile, central air conditioning, washer, dryer, individual entryway and front porch. The complex will include a clubhouse with kitchen, lounge, computer room, exercise room and solarium and will be adjacent to a putting green and wellness trail.

Barrington, Barrington Horizon Senior Living Community -- $4,826,508

IHDA's allocation of low-income housing tax credits, Affordable Housing Trust Fund dollars, and state donations tax credits will provide affordable, handicapped-accessible and adaptable housing to Barrington seniors with the construction of 51 units of independent senior housing. Barrington Horizon Senior Living will include a community room, exercise room, library with fireplace, computer lab and outdoor patio with gas grill.

Darien, Myers Commons Senior Housing -- $11,829,103

IHDA's allocation of low-income housing tax credits, bond financing and Affordable Housing Trust Fund dollars will allow Darien seniors to enjoy more housing options at Myers Commons Senior Housing with the construction of 81 one-bedroom and 10 two-bedroom units in a three-story residential building that includes two elevators, a community room, fitness room, individually controlled furnaces and on-site management. Rental assistance will be available for 72 of the units through the DuPage Housing Authority.

Champaign, Burch Village -- $7,204,017

IHDA's allocation of HOME Investment Partnerships program funds, Affordable Housing Trust Fund dollars and low-income housing tax credits will provide families in Champaign with 50 units of affordable hosing. As part of the Burch Village redevelopment plan, 28 buildings will be constructed and will reflect traditional Victorian, Arts and Crafts, bungalow, and ranch styles. The units will feature from one to four bedrooms and will have front porches, individual entrances, individual forced-air gas heat and dishwashers. The development will have a community room, laundry, offices, children's recreational area and on-site management.

Jerseyville, Brookshire Estates Apartments -- $4,926,095

IHDA's allocation of low-income housing tax credits, state donations tax credits and HOME Investment Partnerships program funds will provide Jerseyville families with affordable housing at Brookshire Estates, including a community resource center with laundry facilities, activities room, tutoring room, exercise room and computer lab. Four two-story garden-style buildings with 48 two- and three-bedroom units of affordable housing will also offer on-site management and a playground.

Danville, New Holland Apartments -- $4,908,299

IHDA's allocation of HOME Investment Partnerships program funds and low-income housing tax credits will allow a vacant registered historical landmark in Danville to be rehabilitated and provide affordable housing for 34 families and 12 homeless individuals. Each unit will have a range, refrigerator, central air conditioning, carpeting, window treatments and sponsor-provided DSL computer access. Case management, counseling, psychological rehabilitation and crises intervention services will be provided on-site and off-site.

Rock Island, The Coventry -- $7,000,000

IHDA's bond financing will preserve 146 units of affordable housing for independent seniors in Rock Island. The eight-story apartment building houses an office, lounge, laundry room and beauty shop. The adjacent three-story historic landmark mansion houses a library, activity rooms, dining room, kitchen and on-site management.

Rockford, Valkommen Plaza -- $5,100,000

IHDA's bond financing will allow independent seniors to continue to find affordable housing in Rockford. Since 1981, Valkommen Plaza has provided 170 units of affordable housing in a nine-story building that has two elevators and a community room with a kitchen.

Bloomington, Danbury Court -- $7,600,000

IHDA's bond financing will provide Bloomington residents with access to an additional 128 units of affordable housing at Danbury Court Apartments. The first phase of Danbury Court Apartments has been completed and currently provides 128 units of affordable housing.

Chicago, Universal City Apartments -- $7,610,000

IHDA's bond financing will ensure 160 units of housing on the south side of Chicago will remain affordable to seniors and families. A five-building complex will be rehabilitated. A seven-story building provides 76 units of housing for seniors, and four town homes provide 84 family housing units. The complex provides 24-hour surveillance, health visits and seminars, youth and family counseling, social and community activities.

Small Rental Properties Program -- $910,705

IHDA's allocation of HOME Investment Partnership program funds will preserve affordable housing through the Small Rental Properties Program. Nearly 60 units of affordable housing in Stephenson County, Benton, Herrin, Quincy and Kankakee will remain affordable for low-income families. The funds will be used for physical improvements and property maintenance.

Homebuyers Assistance Program -- $8,970,238

IHDA's allocation of HOME Investment Partnership program funds will provide funding for rehabilitation and for down payment and closing cost assistance across Illinois through the Homebuyer Assistance Program. Approximately 112 home buyers in Arlington Heights and McHenry County will receive down payment and closing cost assistance. Down payment and closing cost assistance and rehabilitation funding will be provided for approximately 210

Home buyers in Rock Island, Kankakee, Carbondale and the counties of Edwards, Gallatin, Hamilton, Saline, Wabash, Wayne, White, Whiteside, Lee, Carroll, Ogle, Marshall, Putnam, Stark, Bureau, LaSalle, Rock Island, Henry, Mercer, Bond, Clinton, Marion, Washington, Jefferson, McDonough, Warren, Jackson, Perry, Monroe, Randolph, Clay, Effingham, Fayette, Shelby, Moultrie, Christian, Montgomery, Stephenson, Kane and DeKalb.

About the Illinois Housing Development Authority

The Illinois Housing Development Authority is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Since its creation by an act of the Illinois legislature in 1967, the agency has allocated more than $6 billion and financed more than 150,000 units of affordable housing across the state. The Illinois Housing Development Authority accomplishes its mission through a number of federal and state funding sources, including the Illinois Affordable Housing Trust Fund, the state's donations tax credits, the allocation of federal low-income housing tax credits, HOME Investment Partnership funds and others. The agency is also a bonding authority and independently sells bonds, based on its own good credit, to finance affordable housing across the state.

[Illinois Housing Development Authority news release]