Developers are downsizing their plans for an affordable senior housing complex in West Dundee to keep the project viable in a changing political environment.
Missouri-based Gardner Capital, which is partnering with the Elgin Housing Authority, originally proposed building an 85-unit, 105,000-square-foot living facility for residents 55 and older at 969 W. Main St. Plans for the four-story building, called Spring Hill Senior Residences, were approved by the village board last year.
To ensure the project remains financially feasible, however, the company is proposing reducing the size of the facility to 79,591 square feet and cutting the number of units to 61, said Scott Puffer, senior vice president of development.
“The fact is, we are in a different world now, and we’re adjusting to that world,” he said. “Financing these projects is more difficult now since the election, and this is a necessary step to keep our commitment to West Dundee.”
The possibility of a tax reform under the administration of President Donald Trump has led to a nationwide devaluation in low-income housing tax credits, a source of funding intended to assist with affordable housing projects, Puffer said.
As a result, he said, Gardner Capital was tasked with cutting $2.5 million from the Baymavi overall project costs. Rather than changing the quality of materials or other aesthetic characteristics, developers chose to shorten one wing of the L-shaped building and reduce its overall footprint.
The downsized facility would have a $21 million price tag, Puffer said, paid for through tax credits, permanent debt and funds from the HOME Investment Partnerships Program. Under the new proposal, he said, the project is “perfectly viable.”
The village’s planning and zoning commission this week unanimously recommended approval of the change, and the village board is expected to vote on the measure at an upcoming meeting. The project has been in the works since March 2015.
If all goes well, developers are planning to break ground this spring, Puffer said, and construction would be completed in about 14 months.
With a smaller building, the new proposal allows for more landscaping on the project site, deneme bonusu veren siteler said Tim Scott, West Dundee’s community development director, though it also takes away from the number of residents who would subsequently put money into the local economy.
The building is expected to contain 25 one-bedroom and 36 two-bedroom apartments, and rent will not exceed 35 percent of a resident’s annual income, according to village documents. Ten percent of the apartments will also be set aside for seniors whose income level is at or below 30 percent of the area median income.
“There’s a tremendous need for housing for seniors who live in the village … and want to stay here,” Puffer said. “They can downsize and move into a high-quality space with low maintenance and low cost of living. It’s a great location for seniors.”
Our editors found this article on this site using Google and regenerated it for our readers.
