The Illinois Housing Development Authority (IHDA) announced the opening Shorewood Horizon Senior Living Community in Will County.
IHDA financed the 51 new apartments with $5.5 million in federal American Recovery and Reinvestment Act, federal HOME funds and other federal and state resources on behalf of the administration. Federal Housing tax credits from IHDA provided an additional $6 million in private equity to build the development.
“On behalf of Governor Quinn, the Illinois Housing Development Authority (IHDA) is proud to have played a significant financial role in creating new affordable housing options for seniors in Will County,” said IHDA Executive Director Mary R. Kenney. “Shorewood Horizon Senior Living Community demonstrates how federal stimulus dollars have worked to increase affordable housing construction and job creation across Illinois.”
Developed by The Alden Foundation, Shorewood Horizon features a three-story elevator building, and two single-story attached villas. Residents will have access to a community room with warming kitchen, library, computer lab and fitness room. Monthly rent for the one- to two-bedroom apartments ranges from $354 to $950, excluding utilities. To qualify for the affordable apartments, applicants must earn at or below 60 percent of the average median income in Will County.
“We are honored to be a part of the Shorewood community,” said Beth Demes, executive director of The Alden Foundation. “That Shorewood Horizon was almost fully leased before we opened is a testament to the need for affordable senior housing here. Shorewood Horizon would not have been possible without the support of the Village of Shorewood and affordable housing funding from Will County, the State of Illinois and the federal government.”