MOUNT PROSPECT, IL – The Illinois Housing Development Authority, along with Mount Prospect Mayor Paul Hoefert, Cook County President Toni Preckwinkle, and key local officials, celebrated the completion of construction on Kenzie Senior Residences, a new rental development, on Thursday with 74 affordable apartments for seniors.
The building was erected on a previously vacant lot and, according to a press release, offers modern apartments, affordable rents and a range of amenities for residents aged 55 and over. The Kenzie Senior Residences offer much-needed affordable rental options in an area where very little apartment building has been developed in the last 30 years, resulting in long waiting lists in existing senior housing.
“There is a growing need for affordable senior housing across Illinois, and these new homes will go a long way in helping meet some of the pent-up demand in the northwest suburbs,” said IHDA managing director Kristin Faust. âThe Kenzie Senior Residences show what can be done when the state’s public and private partners work together to promote a range of affordable housing options in the community, and IHDA is proud to be a partner in this urgent effort needed housing to create Mount Prospectus. “
The Kenzie Senior Residences was developed by Perlmark Housing Group and was largely funded by state low-income residential property tax credits granted by the IHDA, according to the press release. These tax credits generated $ 14.1 million in private funding to offset the cost of developing the property so the units could be rented at below market prices.
Additional support was provided by Cook County, which contributed $ 1.8 million from the state’s HOME investment partnership program, while Bank of America and Redstone Capital provided home finance, tax credits, and permanent funding. In addition, Cook County’s Housing Authority is offering rental subsidies for 20 of the homes.
“We’re excited to bring brand new affordable housing to Mount Prospect seniors. It’s a textbook example of how successful public-private partnerships can be,” said Jim Perlman, President of Perlmark. âWe knew there was a need and a gap in the market and the demand was high. Fortunately, we were able to rent and move into 100 percent of the building in 90 days as Perlmark is celebrating its 30th anniversary bringing senior communities like Kenzie to the Chicago area. “
According to the press release, the three-story building is affordable for households who earn no more than 60 percent of the median income in the area, or $ 44,760 for a two-person household in Cook County. The property has 63 one-bedroom apartments and 11 two-bedroom apartments with monthly rents between $ 400 and $ 1,083. Residents have access to a fitness center, library, game room, theater, fully equipped computer room and attractive communal dining room, as well as a wide range of neighborhood facilities nearby.
“The provision of additional senior housing was a high priority in the Strategic Plan for Mount Prospect 2020.” Mount Prospect Director of Development William Cooney said. “That was a home run in that regard.”
Renters interested in learning more or applying for an available unit at Kenzie Senior Residences can contact the property manager at (224) 282-8186 or [email protected]