Officially deemed the American Recovery and Reinvestment Act (ARRA), this funding stream is still flowing and recently helped the Illinois Housing Development Authority (IHDA) finance 51 new affordable senior housing apartments, according to SeniorHousingNews.com. (Citizens can track where the dollars have been spent and on what projects at Recovery.gov.)
Located in Will County, Illinois, Shorewood Horizon Senior Living Community is comprised of a three-story building (with an elevator) and two single-story attached villas. A community room, computer lab, fitness room, library and warming kitchen are available for resident use.
Residents must earn at or below 60 percent of the average median income in Will County in order to qualify for the affordable one- to two- bedroom apartments; monthly rent (excluding utilities) ranges from $354 to $950.
In addition to $5.5 million in ARRA funds, Shorewood’s developer, The Alden Foundation, received other state and federal dollars; of note, $6 million in federal housing tax credits from IHDA. Said Mary R. Kenney, Executive Director of IHDA, “Shorewood Horizon Senior Living Community demonstrates how federal stimulus dollars have worked to increase affordable housing construction and job creation across Illinois.”