Full Circle Awarded Financing for Senior Housing in Richmond, IL
CHICAGO, IL – The Illinois Housing Development Authority has awarded Low Income Housing Tax Credits to Full Circle Communities, a Chicagoland non-profit, for development of 25 units of service-rich senior housing in Richmond, IL. With the strong support of Village President Peter Koenig, the Village of Richmond, and McHenry County, this three-story, 25-unit building will be located at 5615 Liberty Street, and construction is anticipated to start in Spring 2016.
Richmond is a community with a jobs-to-population ratio of 0.68 and low poverty and unemployment rates. However, few rental housing options exist, especially in the downtown area. Richmond has a large 55-and-over population, which has grown by 138% since 2000. This demographic comprises nearly 23% of the overall population, but affordable age-restricted housing is markedly undersupplied in Richmond and McHenry County.
Building design at Creekview is geared towards healthy living for all residents, allowing residents to age in place. Bike parking, a fitness room, proximity to the Prairie Trail, and location in a pedestrian-oriented environment all provide opportunities for seniors to stay active. All units will be accessible and adaptable for persons with disabilities, and all units will be equipped for a medical-alert system.
The building has an energy-efficient design, clean-air measures (low VOC paints, adhesives, etc., and a no smoking policy), and Energy Star appliances. By incorporating the highest levels of universal design and accommodations, these apartments enable the residents to experience a high level of independence and self care. Additional onsite services will include light medical care, and classes and programs that focus on healthy lifestyles, financial literacy, tax preparation assistance, and assistance with benefits. The property will have a case manager whose role will is to provide advocacy, service linkages and support for the residents.
IHDA’s tax credits will be leveraged by a McHenry County CDBG Grant and conventional debt. All one- and two-bedroom units will be reserved for seniors 55 and older earning at or below 60% of Area Median Income. Three of the units will be assisted by the McHenry County Housing Authority, and an additional four units will be utilized to house persons referred by the State Referral Network.
The property is designed by Cordogan and Clark Architects of Chicago and Manhard Engineering will provide civil engineering services.