April 1, 2011
Marion, IL: River to River is a 50-unit “supportive living” development in the far southern part of the state. The community provides affordable housing for seniors age 65 and older, plus supportive services. It is one of the first communities of its kind in the State of Illinois to receive funds from a Federal stimulus plan through the Illinois Housing Development Authority, and is also one of the first in the State to close on such a project.
River to River includes eight 500 square feet studio apartments, thirty-seven 564 square feet one-bedroom units, and five 820 square feet two-bedroom units.
Each unit has a kitchen and bathroom, and provides an emergency call system, heating and cooling controls and wiring for private telephone and access to cable television and internet service. The bathrooms are especially designed to support the frail elderly, with pull cords for emergency help if needed.
The “supportive living” component includes a comprehensive array of personal- and health-related supportive services for senior residents who need help with activities of daily living, including nursing services, assistance with personal care, three meals a day, and housekeeping services, as well as social and recreational programming.
NDC Corporate Equity Fund, L.P. (CEF) was pleased to be involved in this $8.9 million residential development’s financing with a $2.5 million equity investment.
CEF provides equity for affordable housing through the Federal Low-Income Housing Tax Credit (LIHTC) program. Established in 1995 to serve rural and urban client communities that were not being reached by the LIHTC program, CEF has raised more than $440 million in equity and invested in more than 150 projects representing total development costs totaling $890 million in twenty-seven states and the Commonwealth of Puerto Rico.
CEF investments in affordable housing in Illinois since 1999 have resulted in twenty-one developments in fifteen communities, creating over 1,200 units of housing. This investment makes possible a better life for low-income families, senior citizens, developmentally and physically disabled and formerly homeless.
“NDC CEF is pleased to be a partner in the River to River supportive living project in Marion, and we look forward to our next Illinois project,” notes Robert W. Davenport, NDC president.
River to River Residential Community of Marion, IL celebrated full occupancy with a grand opening ceremony on Friday, March 25.