100 local jobs created during construction of Indian Trail Apartments
LAWRENCEVILLE – December 17, 2012 – (RealEstateRama) — Families in Lawrence County now have more affordable housing options with the opening of Indian Trail Apartments in Lawrenceville, a development of duplex rental homes. The Illinois Housing Development Authority (IHDA) today helped celebrate the grand opening of the 44-unit development.
As the state’s housing finance agency, IHDA allocated federal housing tax credits, which generated $7.4 million in private equity to build the apartments located southwest of James Street at 9 Yost Court. IHDA also provided a combined $1.7 in federal HOME Investment Partnerships Program, and Community Development Block Grant (CDBG) – IKE Disaster Recovery Program funds. An estimated 100 good-paying jobs were created with its construction to help the local economy.
“Leveraging public-private partnerships is critical to increasing the creation of safe and decent affordable housing opportunities here in Lawrence County and across the state,” said IHDA Executive Director Mary R. Kenney. “The federal tax program builds private investment, generates jobs and helps reduce debt to make it possible to provide lower rents. Under Governor Pat Quinn’s leadership, the Illinois Housing Development Authority (IHDA) has allocated federal tax credits generating $657 million in private investment to support the creation and rehabilitation of 8,550 units of affordable housing.”
Developed by Yost Management Company, LLC, the Indian Trail Apartments development features six one-bedroom, 29 two-bedroom and nine three-bedroom units. In addition, the development includes five supportive housing units to help low-income residents with special needs and disabilities live stable, successful lives through a combination of affordable, permanent housing and supportive services that enable them to live independently.
“With the Illinois Housing Development Authority’s support, we were able to build a quality development to serve Lawrence County families. Affordable housing is so important, and people of all income levels deserve good quality affordable housing,” said Jeremy Yost, vice president of Yost Management Company, LLC.
The development is about 50 percent occupied, demonstrating the need for affordable housing in this community. To qualify for the affordable apartments, applicants must earn at or below 60 percent of the average median income in Lawrence County, or $27,600 for a two-person household. For leasing information, call (618) 707-2152.