PARIS – As a teacher and a single parent raising a 5-year-old daughter, 27-year-old Stephanie Walker felt she could never find a quality apartment she could afford on her budget. Then, Maple Ridge Apartments in Paris finished construction.
“I have finally found the perfect apartment for my family,” said Walker of her new two-bedroom unit. “At Maple Ridge Apartments, I have found a home.”
On behalf of Governor Pat Quinn’s administration, officials with the Illinois Housing Development Authority (IHDA) today joined U.S. Sen. Dick Durbin and local officials to celebrate the ribbon cutting of Maple Ridge Apartments, 720 E. Court St., Paris.
IHDA, the state’s housing finance entity, provided $7.4 million to build the 50-unit development, including $5.1 million in federal stimulus funds and $2.3 million in federal HOME Investment Partnerships funds. IHDA originally invested federal tax credits to the project, which would have generated private equity to build the apartments. However, financing fell through when the country’s economic recession caused the value of tax credits in the financial markets to plunge. The stimulus funding has helped bridge the financing gap and enabled construction to begin.
Two American Recovery and Reinvestment Act (ARRA) programs President Obama signed into law – the Tax Credit Assistance Program (TCAP) and Section 1602 – have helped bridge the financing gap for many developments statewide to set affordable housing development back on track.
“Federal stimulus funding has created 5,500 units of affordable housing and 4,855 jobs across the state of Illinois,” said IHDA Executive Director Mary R. Kenney. “Maple Ridge Apartments shows how federal funding is critical to helping the state’s economic growth.”
The development features 16 one- and two-story buildings with one-, two- and three-bedroom apartments. The developer, Laborers’ Home Development Corp., estimates construction created an estimated 41 jobs. Maple Ridge Apartments includes a community center, playground and a washer and dryer in each unit.
Monthly rent ranges from $305 to $435 depending on unit size and resident income. To qualify as a resident, applicants must earn at or below 60 percent of the average median income in Edgar County, or $30,600 for a three-person household. For leasing information, contact (217) 466-4942.
“Maple Ridge Apartments makes it possible for Edgar County seniors and families afford to stay in the community that has become their home,” said Michael Goetz, executive director, Laborers' Home Development Corp. “We credit our federal and state partners, including the Illinois Housing Development Authority (IHDA), for making this development possible.”