In Naperville, Illinois, a practical and impactful effort has reshaped the landscape of affordable senior housing. Evergreen and Naperville Elderly Homes Inc. (NEH) collaborated on the Martin Avenue Apartments project, achieving a remarkable transformation that combines rehabilitation and expansion. The project aimed to enhance senior living options, focusing on the rehabilitation of 122 existing units and the addition of 68 new units, catering to seniors aged 62 and above.
Addressing a Clear Need
NEH, driven by a commitment to providing affordable housing for seniors, recognized a pressing demand in the community. Incomes and rents had reached unattainable levels for many seniors, prompting NEH to take action. The project’s goal was straightforward: revitalize the Martin Avenue Apartments and extend affordable housing to more seniors in need.
A Strategic Financial Approach
Key to the project’s success was the adept handling of financing. Evergreen navigated the complexities of securing both 4% and 9% Low-Income Housing Tax Credit (LIHTC) financing, along with additional soft financing. This financial strategy resulted in a development budget of $40 million, demonstrating the dedication of the teams involved to achieve affordable senior housing.
Solidifying Partnerships
Partnerships played a crucial role in turning the project into reality. The DuPage County Community Development Commission supported NEH by offering substantial HOME loans, marking a historic milestone with nearly $4 million in total awards. Evergreen’s strategic acumen came into play as they brought together financial partners who shared the vision. US Bank contributed more than $20 million in LIHTC equity, while Wheaton Bank, with a longstanding connection to NEH, provided construction and permanent financing totaling almost $28 million.
Expanding the Reach
The impact of the project was further extended through collaborations. DuPage County provided an additional 18 Project-Based Vouchers, widening the accessibility of affordable housing. The City of Naperville also contributed by awarding CDBG funds to address construction-related gaps.
The Outcome
The Martin Avenue Apartments project stands as a testament to the effectiveness of collaboration, financial acumen, and a clear mission. By addressing the need for affordable senior housing through rehabilitation and expansion, Evergreen and NEH have set a precedent for community-driven initiatives. The project’s success underscores the potential for tangible change when organizations come together with a shared goal. The story of Martin Avenue Apartments serves as an example of how strategic partnerships and practical solutions can transform communities and provide much-needed housing for seniors.
