CHICAGO-A joint venture between the Senior Lifestyle Corp. and the Beloved Community have broken ground on a $15.4-million new apartment complex at 1050 W. 79th St., adjoining a Chicago Department on Aging Satellite Senior Center. The 76,000-sf development, with 85 senior apartments, is dubbed the Senior Suites of Auburn Gresham.
The Beloved is a nonprofit community development partner of St. Sabina Church. The project is receiving $3.6 million in city incentives and $1 million in low income housing tax credits from the Illinois Housing Development Authority. Harris Bank is supplying a $1.4-million mortgage loan and IHDA's Affordable Housing Trust Fund is providing an additional $750,000 in mortgage proceeds. Most of the apartments will be set aside for seniors earning at or below 60% of the area median income.
The new development will feature 25 studios and 60 one-bedroom residences. Senior Lifestyle has built 15 senior apartment buildings in Chicago, and is also working on Senior Suites of Joliet, an $18.7-million project that will redevelop the city's six-story YMCA building into a 90-unit building.
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