State housing finance agency officials celebrate new development, job creation
FOX LAKE, IL – August 26, 2010 – (RealEstateRama) — Built as a result of nearly $3 million in financing through the State of Illinois, a new development of 100 rental homes for low-income seniors officially opened today in north suburban Fox Lake. An estimated 150 jobs were created during the construction of Thomas Place Fox Lake.
On behalf of the administration of Governor Pat Quinn, Illinois Housing Development Authority (IHDA) officials celebrated the grand opening of Thomas Place Fox Lake, 27292 W. Nippersink Road, Fox Lake. IHDA, the state agency dedicated to creating affordable housing for Illinois residents, was a key financial partner in the development. IHDA invested $2.4 million in federal Low-Income Housing Tax Credits, and $511,000 in Illinois Affordable Housing Tax Credits to build the development. The federal tax credits, which were a result of a special allocation for counties hit by severe flooding in 2008, generated an additional $16.5 million in private equity to finance the development.
“Our state’s seniors are living on a fixed income, and must make choices about expenses that could impact their ability to afford quality homes. We are proud to fulfill our role as Illinois’ housing finance agency to forge public-private partnerships to create more affordable rental homes for low-income seniors, such as Thomas Place Fox Lake,” said Gloria L. Materre, IHDA Executive Director. “Our investment in housing also benefits the local economy by creating jobs.”
Constructed by developer Jim Bergman, Ryan Companies US, Inc., Thomas Place Fox Lake features 67 two-bedroom, and 33 one-bedroom units for residents who are at least 55 years old. Residents also have access to a craft room, library and exercise room. Monthly rents are $732 for the one-bedroom, one-bathroom units and $865 for the two-bedroom, two-bathroom units. There are income restrictions that apply under the Section 42 affordable housing program guidelines. The maximum income for one person is $31,680; for two people it is $36,180.
“At Thomas Place Fox Lake, we have worked to create a community where seniors with limited financial resources will continue to flourish socially and emotionally,” said Dan Walsh, vice president of development, Ryan Companies. “This is the dignified and nurturing environment we worked with IHDA to establish at Thomas Place Glenview, our flagship and our model for Fox Lake.”
For more information on the apartments, contact (847) 973-9737.