Mayor Richard M. Daley said at November 7th, the City has met its five-year goal, set in 2006, to create 4,000 units of housing for seniors.
“All of us in city government work hard every day of the year to make sure Chicago is the kind of city seniors want to live in,” Daley said at the ribbon-cutting for the Wrightwood Senior Apartments, 2815 W. 79th Street, a new development that includes 85 apartments for seniors.
“Our commitment extends not only to investing in new development, but also to preserving existing senior housing and expanding programs that enable seniors to continue to live in the neighborhoods to which they have contributed so much for so many years,” he said.
The Mayor said the five-year plan identified community areas with the greatest need for different types of housing that would meet the different needs of seniors — from low-income buildings to moderately priced condominiums.
He said the City has worked closely with non-profit groups, private developers and faith-based organizations to ensure that Chicago’s seniors will be able to live independently and enjoy the quality of life they deserve after a lifetime of hard work.
Since the five-year plan began, the City has committed more than $433 million to support 4,022 units of quality, affordable housing for seniors, Daley said.
“Whether through city land, loans, tax credits, TIF or rental subsidies, our resources have resulted in a range of housing types to meet the needs of seniors and neighborhoods,” the Mayor said.
The housing inventory has four categories:
• Independent living apartments for seniors with low incomes or very low– incomes;
• Moderately priced condominiums;
• Affordable full-service communities for independent seniors; and,
• Supportive living centers.
Wrightwood Senior Apartments is an 85-unit development with a mix of five studios, 70 one-bedroom and 10 two-bedroom units. Seventy-six apartments in the six-story building will be available to seniors, 62 or older, whose incomes meet federal guidelines, and an additional nine units will have unrestricted rents.
The affordable units are available for renters earning up to 60 percent of area median income. That’s $31,560 for a single person household.
The main floor contains a dining area, a library, a fitness room and management offices. Other amenities include laundry facilities, an outdoor patio and on-site parking. The 74,000-square-foot development includes various green design elements, including a green roof, solar hot water system and Energy Star appliances.
The City invested $6.2 million in loans and $3 million in Tax Increment Financing assistance towards the $21 million project. Other financing sources include $1.4 million in tax credits from the Illinois Housing Development Authority, which generated nearly $10 million in equity, and a private mortgage loan.
The Mayor said that more senior housing projects will be finalized before the end of this year and more new projects will be approved in 2011.
“From independent living apartments such as Wrightwood Senior Apartments right here to supportive living facilities and housing for grandparents raising grandchildren, our commitment to bettering the lives of seniors remains as strong as ever,” Daley said.