New Lenox development to provide independent living for seniors
New Lenox –New Lenox Horizon Senior Living Community recently broke ground on the southwest corner of Cedar Rd. and Otto Dr. in New Lenox. The 53-unit development is scheduled to open in summer 2018.
A mix of private financing and public funding programs made the senior living community possible. The Illinois Housing Development Authority awarded Low Income Housing Tax Credits to the project, which was purchased by BMO Harris Bank Community Investments. BMO Harris Bank is providing a total of $11.7 million in equity for the project as well as a $9.7 million equity bridge and construction loan. State of Illinois Donation Tax Credits and a grant from the Federal Home Loan Bank of Chicago rounded out the funding package.
The three-story brick masonry building will offer a mix of spacious one- and two-bedroom apartments at affordable rents to seniors age 62 and older.
Residents will enjoy many common area amenities, including a community room, library with fireplace, theater room, computer lab with Internet service, fitness center and landscaped grounds with a community garden.
New Lenox Horizon is independent living, as opposed to assisted living for seniors, but will offer a busy events calendar to keep residents engaged and active. The building will be highly energy efficient and sustainably designed, under the National Green Building Standard.
Seniors whose incomes are below 30%, 50% and 60% of the Chicago-area median income will qualify for New Lenox Horizon. One-bedroom apartment rents will range from $336 to $747 per month. Two-bedroom rents will be $723 and $898 per month. Residents will be responsible for paying for their apartment’s gas heat and electric. Six apartments will be fully wheelchair-accessible and two will accommodate sight or hearing impaired individuals; the remainder will be handicapped adaptable.