Officials from the City of Chicago and local community members recently celebrated the grand opening of the the TRC Senior Village in Chicago’s Washington Park community. The 85,000 square foot independent living community features 70 one-bedroom apartments and is targeted for residents at least 62 years old and have an annual income less than 50 percent of area median income (less than $26,300). The project is the first phase of a master plan to create a vibrant senior campus within the 47th/State TIF District in the 3rd Ward.
The $13.8 million development, developed by The Renaissance Collaborative Inc., received funding of $725,000 from the City of Chicago in TIF assistance and $1.9 million in loans. The development received $590,000 in donations tax credits from the Illinois Housing Development Authority, which in turn generated an investment of $523,300 in donations tax credit equity. Other funding for the project included $208,000 in energy grants from the Illinois Department of Commerce and Economic Opportunity (DCEO).
“We are proud to be able to provide our seniors with apartments that will allow them to keep their independence, gain access to services as they need them and stay right here in Chicago,” Department of Community Development First Deputy Commissioner Ellen Sahli said. “We are sure that residents will live a meaningful life here, and build a strong and vibrant community together.”