The Illinois Housing Development Authority (IHDA) last week celebrated the grand opening of 90 new affordable homes for seniors in south suburban Blue Island for the Senior Suites of Fay’s Point. IHDA provided a $2.2 million low-interest federal HOME loan and $1.6 million in federal Low-Income Housing Tax Credits to build the development and the investment generated an additional $11.6 million in private equity to build the apartments. T
“Seniors often face difficult decisions about expenses that could impact their ability to afford safe and decent homes. We are proud to fulfill our role as the state housing finance agency to join with our public and private partners to build housing that our seniors can afford, such as Senior Suites of Fay’s Point,” said IHDA Executive Director Gloria L. Materre.
The facility features a geothermal heating and cooling system that increases the affordability of the development by cutting down on energy costs. Rent for the one-bedroom apartments ranges from $424 to $835.
“Our Senior Suites developments provide Chicago-area seniors an opportunity to stay within their home neighborhoods in affordable, high-quality residences,” said William B. Kaplan, chairman of Senior Lifestyle Corporation. “With the support of the Illinois Housing Development Authority (IHDA), our latest development in Blue Island continues to address the strong housing demand of seniors.”