State Approves Tax Credits For 2 McLean County Affordable Housing Projects

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Two new affordable housing developments are coming to McLean County with assistance from federal low-income housing tax credits.

Nathan Joseph is vice president of S. E. Clark and Associates, the Peoria firm that’s building the Villas at Prairie Vista, a $13 million, 24-duplex complex along U.S. Route 51 in south Bloomington.

“These are duplex units with one-car garages and the rents will be comparable to what many 10, 15-year-old buildings are charging for smaller units even,” Joseph said.

Rents will be capped based on income. He said 15 two-bedroom units will be restricted to those who make 30% of the area’s median income. The maximum rent, including utilities, would be $566 per month. Seven two-bedroom units and 26 three-bedroom units would be for households below 60% of the area’s median income. Monthly rents would be capped at $913 and $1,088, respectively.

Each unit comes with a one-car garage. Amenities include porches, patios, balconies and walk-in closets.

Joseph thinks seniors will be one of the main markets for the development, but there will be no age requirement.

“It’s going to be really attractive to a lot of seniors, folks that don’t want to be dealing with the three-story walk-up apartment buildings,” he said, adding construction should start next spring with the project  finished in 2022.

The non-profit Christian County Integrated Community Services will manage the property.

Family homes in Heyworth

In Heyworth, the non-profit group Regional Housing Development of Springfield plans to build 30 single-family homes in a $9 million project.
 

“The nice thing with the tax credit program is with the income limits and the rents of what they are, we are able to target that population that may not otherwise have a chance for a brand new unit, given the income they have,” said CEO Meggan Bell.

The project will include a mix of two- and three-bedroom units. Each will have an attached garage.

Regional Housing Development manages affordable housing projects in smaller communities throughout central Illinois.

“That’s the area we are targeting,” said Bell. “We are looking for the rural settings, the smaller areas that we can serve. That’s what attracted us to Heyworth.”

The state approved $26 million in tax credits for 21 projects across 11 counties.

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via WGLT | Bloomington-Normal’s Public Media

July 22, 2020 at 05:08PM

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