Last month, officials from the state of Illinois joined with local community members to celebrate the ground breaking on 106 homes for low-income seniors in southwest suburban Bolingbrook, Illinois. Construction on the McKenzie Falls affordable apartments will create an estimated 130 jobs that will incorporate 42 existing unoccupied apartments and create an additional 64 apartments. The project, expected to be completed in 2011, will receive more than $14 million in federal stimulus and other funds from IDHA and Will County through federal American Recovery and Reinvestment Act (ARRA) funds and tax-exempt bond financing as well as Neighborhood Stabilization Program (NSP) grant funds. In order for the project to proceed, the Village of Bolingbrook waived development fees that provided the incentive for IHDA to allocate about $460,000 in Illinois Affordable Housing Tax Credits.
“McKenzie Falls demonstrates the tremendous value of federal housing stimulus dollars to advance Illinois’ economic recovery. Under Governor Quinn, these federal stimulus funds have revived construction work on 2,209 affordable homes and created 2,466 jobs statewide,” said Gloria L. Materre, IHDA Executive Director. “As a result of this crucial federal resource, work can resume on this important development to meet the need for affordable senior housing in Bolingbrook.”
