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Wisdom Village of Northlake Phase 2

  State of Illinois

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Overview

Wisdom Village of Northlake Phase 2 is a 50-unit Low Income Housing Tax Credit (LIHTC) development for independent seniors age 62 or older. The developer, Turnstone Development LLC, forged an innovative public/private partnership with the City of Northlake, Illinois, to bring the project to fruition. The brand new, attractive, six-story mid-rise replaced a shuttered city-owned strip mall that was long a community eyesore. The over $16 million project leveraged $13 million in LIHTC equity and over $2 million in HOME funds. Wisdom Village of Northlake Phase 2 offers one- and two-bedroom apartments affordable to seniors earning up to 30 percent, 50 percent, or 60 percent of Area Median Income. Thirteen of the units have rent assistance administered by the City of Northlake. Amenities include a fitness room, library, community room with kitchen, laundry room on every floor, and a beautiful outdoor landscaped terrace with grills and tables for entertaining.

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Place

Northlake, Illinois, is a suburban municipality located 14 miles west of Chicago, Illinois. The development is located in the commercial core of the community and fronts North Avenue, a state highway and a major arterial throughout Cook County. Residents of Wisdom Village of Northlake Phase 2 enjoy exceptional access to shopping, services, and recreation. Located within just steps of the building are three bus routes, a pharmacy, big-box retailers, parks, grocery stores, banks, and numerous restaurants.

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People

There was strong demand in Northlake and nearby communities for safe and high-quality rental housing where independent seniors could age in place at an affordable rent. The project harnessed the success of the award-winning first phase of Wisdom Village of Northlake, which is located just two blocks away. In 2017, Phase 1 leased rapidly, and over 250 senior households applied for just 71 units. Residents of Wisdom Village of Northlake Phase 2 appreciate the senior building's great location near shopping and services, and also its secure entry and on-site staffing. The project's community room is a popular gathering place that is also used for resident events and holiday celebrations.

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Partners

Turnstone Development, LLC, is a not-for-profit 501(c)(3) real estate development corporation that has constructed or preserved over 1,600 affordable housing units and leveraged over $250 million in public and private capital. The City of Northlake, led by Mayor Jeffrey Sherwin, was an early partner and a strong advocate for both phases of Wisdom Village of Northlake. Sherwin said, “Some seniors in the community need affordable housing options that allow them to stay with the same church, friends, and senior groups.” Northlake leased the city-owned parcels to the developer for $1 and utilized Tax Increment Financing (TIF) funds to provide a permanent mortgage of $810,000 on the property at a discounted rate. The project's LIHTCs and HOME funds were awarded by the Illinois Housing Development Authority.

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Project Costs

Funding Sources Cost
HOME Investment $2,423,625
LIHTC (if applicable) $13,040,162
Other Federal Funds N/A
Other Public Funds $810,000
Private Funds $505,542
Total Project Costs $16,779,329

Snapshot

Participating Jurisdiction: State of Illinois

Project: Wisdom Village of Northlake Phase 2

Location: Northlake, IL

Program Type: Rental Housing

Beneficiaries: Independent senior households age 62 and above earning up to 30%, 50%, or 60% of Area Median Income

Number of Units: 50

Number of HOME Units: 15

More Information:

Tel: 708-397-5199

Web: http://www.carltonmc.com/northlake-wisdom-village-ii/


Key Results

The Wisdom Village of Northlake Phase 2 replaced a long-vacant strip mall with affordable housing for low-income independent senior households seeking to age in place.


Words of Advice

Work with local government and community leaders at all stages of the development to build a committed and broad coalition.