A newcomer to the Chicago-area affordable senior housing scene has arrived in the form of billionaire investor Warren Buffet, who recently launched a new venture to finance low-income housing projects, reports Crain’s.
The first project, St. Anthony Supportive Living Facility, located in the city’s south suburbs, is a nearly $29 million center for Medicaid-supported seniors.
Affordable Housing Partners Inc. has agreed to invest nearly $5.4 million in the proposed 125-unit development in Lansing, which would also be financed with $18.6 million in tax-exempt bonds, according to a report on the project submitted on Tuesday to the Illinois Finance Authority, which would issue the bonds.
The project would be a supportive living facility, providing care such as meals, housekeeping and help with medications to low-income residents.
Affordable Housing is a subsidiary of Mr. Buffett’s holding company, Berkshire Hathaway Inc., which had total revenue of $143.7 billion in 2011.
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Written by Alyssa Gerace