Alden Gardens of Bloomingdale, Illinois recently celebrated its official grand opening with Harris, the Illinois Housing Development Authority (IHDA), National Equity Fund, other project participants and local elected officials more than a year after breaking ground. The supportive living community for seniors will provide housing for over 80 seniors who are in need of an affordable, assisted lifestyle through Illinois’ Supportive Living Program administered by the Department of Healthcare and Family Services.
To help Alden fill a possible financing gap created by state budget shortfalls, Harris worked with the IHDA to provide a line of credit secured by Medicaid receivables. According to the IHDA and the Affordable Assisted Living Coalition, this is the first time this structure has been used in conjunction with Illinois’ Supportive Living Program.
"In our current economy, we know we need to be flexible and willing to help structure one-of-a-kind financial arrangements," said Katherine Mazzocco, vice president of Community Development, Harris. Harris also provided more traditional financing arrangements, such as credit enhancement for $10.7 million in tax exempt bonds, bond underwriting and remarketing, an interest rate swap, and bond investment. Other key participants included the IHDA, the National Equity Fund, DuPage County’s Community Development Commission, Federal Home Loan Bank of Chicago, and Enterprise Community Partners, Inc.
"IHDA is proud to have invested more than $13.2 million in tax exempt bonds, interest-free loans and tax credits to help leverage financing for this project," said Gloria L. Materre, Executive Director, IHDA.