Senior Housing Facility Receives $7.9 Million from State of Illinois
- Jan 17, 2008
By Anuradha Kher, Online News EditorSpringfield, Ill. – A new 67-unit senior housing facility, with financing worth $7.9 million from state loans and tax credit, opened in Springfield this week.Illinois Governor Rod R. Blagojevich released a statement pledging his commitment to providing affordable housing to all residents of the state. “As more and more baby boomers reach retirement age, we need to make sure that our seniors have options when it comes to their housing needs, especially when they are on a fixed income. They deserve to have the choice of remaining in the community they grew up in,” he says. The facility, Timberlake Estates, located at 2423 Taylor Avenue is developed by non-profit developer Abundant Faith Christian Center. Timberlake Estates has one- and two-bedroom apartments and the monthly rents range from $439 to $700. Sixty units are reserved for low-income seniors and some Section 8 rent subsidies have also been set aside for very low-income residents.Of the $7.9 million in state funds used to construct the $8.4 million development, $1.6 million came from the Illinois Affordable Housing Trust Fund as a low-interest loan and approximately $678,000 in Low Income Housing Tax Credits. The tax credits generated more than $6.3 million in private equity investments for the development.