Illinois is getting more funding for the construction of 50 affordable rental homes for low-income seniors for the Cottage Apartments project located in Normal. Developed by Bluestem Housing Partners NFP, Cottage Apartments will consist of a three-story, 50 unit independent living building serving residents who are over the age of 55. Ten percent of the units are reserved for elderly residents in need of supportive housing services and construction is expected to be completed by August 2011.
“Governor Quinn is dedicated to putting federal stimulus dollars to good use in Illinois,” said Gloria L. Materre, IHDA Executive Director. “These funds create jobs for hardworking local residents and get affordable housing development back on track.”
The Illinois Housing Development Authority (IHDA) and the the State of Illinois invested $5.3 million to build Cottage Apartments, including $1.5 million in American Recovery and Reinvestment Act (ARRA) funds and $3.8 million in loans and tax credits from other state resources.
“Without the federal stimulus funding allocated to us by IHDA, Cottage Apartments would never have gotten off the ground,” said Audra Hamernik, executive director of Bluestem Housing Partners NFP. “We are
grateful to the Governor and IHDA for committing stimulus funding to help jumpstart this much-needed project.”