Springfield – Illinois Housing Development Authority Officials announced the opening of a state-funded independent living facility in Springfield that provides affordable, safe and decent homes for seniors. Financed with more than $7.9 million in state loans and tax credit equity, the Timberlake Estates Independent Living Facility increases affordable housing options for Springfield's growing elderly population.
"As more and more baby boomers reach retirement age, we need to make sure that our seniors have options when it comes to their housing needs, especially when they are on a fixed income. They deserve to have the choice of remaining in the community they grew up in. The Timberlake Estates development will help ensure that seniors who have worked hard all their lives to secure a safe, stable, and quality place to live," said Governor Rod R. Blagojevich.
Of the $7.9 million in state funds used to construct the $8.4 million development, $1.6 million came from the Illinois Affordable Housing Trust Fund as a low-interest loan and approximately $678,000 in Low Income Housing Tax Credits. The tax credits generated more than $6.3 million in private equity investments for the development.
Timberlake Estates is developed by non-profit developers, Abundant Faith Christian Center and creates 67 quality homes consisting of one and two-bedroom apartments. A total of 60 units are reserved for low-income seniors. Monthly rents range from $439 to $700, depending on income and unit size. Some Section 8 rent subsidies have also been set aside for very low-income residents.
"In Illinois' annual Comprehensive Housing Plan, Governor Blagojevich advocates for the state to prioritize its housing resources to assist six underserved populations including low-income seniors. Timberlake Estates responds to that call for more affordable housing for Illinois' growing elderly population. As a Springfield native, I am proud that state funding will help provide more options for seniors in my hometown," said DeShana L. Forney, Executive Director of the Illinois Housing Development Authority (IHDA) who allocates the state funds.
The Comprehensive Housing Plans are developed by the Governor's Housing Task Force, and organized and led by IHDA. The members of the Task Force are advocates, developers, lenders, legislators, and agency representatives, including thirteen Illinois state agency directors. Copies of Illinois' Comprehensive Housing Plans are available at www.ihda.org.