Representatives from the Illinois Housing Development Authority (IHDA) and local dignitaries recently celebrated the grand opening of Thomas Place Fox Lake new development of 100 rental homes for low-income seniors. The project features 67 two-bedroom, and 33 one-bedroom units for residents who are at least 55 years old with monthly rents ranging from $598 to $837.
“Our state’s seniors are living on a fixed income, and must make choices about expenses that could impact their ability to afford quality homes. We are proud to fulfill our role as Illinois’ housing finance agency to forge public-private partnerships to create more affordable rental homes for low-income seniors, such as Thomas Place Fox Lake,” said Gloria L. Materre, IHDA Executive Director. “Our investment in housing also benefits the local economy by creating jobs.”
The state of Illinois provided significant financing for the project that included $2.4 million in federal Low-Income Housing Tax Credits from IDHA, and $511,000 in Illinois Affordable Housing Tax Credits to build the development. The federal tax credits, which were a result of a special allocation for counties hit by severe flooding in 2008, generated an additional $16.5 million in private equity to finance the development.