IHDA Executive Director Mary R. Kenney today joined Congressman John Shimkus and other public-private partners to celebrate the grand opening of Twin Lakes Senior Villas, a new rental community of 42 villa-style homes for adults aged 55 and older. As the state’s housing finance agency, IHDA allocated federal low-income housing tax credits that created $6.8 million in private investment to build the development, located at 405 Twin Lakes Drive. An estimated 63 jobs were created.
"Twin Lakes Senior Villas demonstrates the strength of the federal housing tax credit program as a financial tool to create safe and decent rental housing for seniors, working families and people with disabilities in Illinois," IHDA Executive Director Mary R. Kenney said. "Since Governor Quinn took office, 10,220 affordable units have been built and 11,300 jobs have been generated across the state thanks to federal housing tax credits."
Since Congress created the federal low-income housing credit (Housing Credit) program in 1986, it has provided critical financing for the development of 75,000 affordable homes and created more than 86,000 jobs in Illinois. This activity led to a return of $6.6 billion in local income for Illinois communities and $644.7 million in state and local tax revenue. The developer anticipates Twin Lakes Senior Villas will create more than $3.3 million in income (wages for local workers and profits for proprietors, small businesses and corporations), and more than $347,000 in taxes (in its first year alone).
The Housing Credit program is widely considered the most effective affordable housing financing tool in the nation. The sale of federal housing credits to private investors generates equity, and this equity reduces the need for the developer to borrow money for the new development. This savings results in lower rents. Every year, federal tax credits finance more than 100,000 apartments nationwide to add to
the inventory of affordable rental housing, according to the National Council of State Housing Agencies (NCSHA).
Developed by Miller-Valentine Group, Twin Lakes Senior Villas features 32 two-bedroom and 10 one-bedroom units, attached garages, walk-in closets, energy-efficient appliances, community lounge area, business center, on-site library and a picnic pavilion. Champaign County Community Development Corp. and Regions Financial Corp. also supported the development.
To qualify to live at Twin Lakes Senior Villas, residents must be at or below 60 percent of the area median income (AMI), or $30,000 for a one-person household in Champaign County. Eleven of the units are targeted for extremely low-income seniors who earn no more than 30 percent of the AMI, or $15,000 for a one-person household.
For more information, call 800-329-RENT (7368), visit YourNextPlaceToLive.com or email YourNextPlaceToLive@mvg.com.