New affordable senior living community opens in Warrenville
Alden Foundation held a ribbon-cutting ceremony to celebrate the opening of its 14th affordable senior independent living community, the first of its kind in Warrenville.
Warrenville Horizon Senior Living Community offers serene views overlooking the DuPage River. The tastefully designed senior living community includes 71 spacious one- and two-bedroom apartments to seniors age 62 and older.
"We are pleased to welcome the new senior residents of Warrenville Horizon Senior Living Community," said Mayor David Brummel. "I thank the Alden Foundation for this wonderful addition to our community, it is something that we were lacking, and they filled the need for us in a very quality way."
Residents of Warrenville Horizon will have access to amenities including a community room, theater, wellness and fitness center, library with a computer station, and a billiards and game room. Each apartment offers Energy Star appliances, high efficiency individually controlled heat and central air conditioning, ceiling fans, mini-blinds, and emergency call buttons in the bathrooms.
Rents range from $400 to $1,200 per month, depending on the number of bedrooms and the income of the tenant.
"The City of Warrenville was extremely professional to work with and very forward thinking," said Beth Demes, executive director of the Alden Foundation. "Without the city's support and vision, this senior community would not have been possible. Affordable housing developments involve multiple layers of financing and many team members and partners. We are deeply grateful to all of them."
The architect for Warrenville Horizon was ADG Design and the general contractor was Alden Bennett Construction Company Inc.
The $21 million development was largely financed with equity from the sale of low-income housing tax credits allocated by the Illinois Housing Development Authority. The investment partner is Enterprise Housing Credit Investments. The lenders are Bank of America, IHDA and DuPage County, which provided a $2.55 million HOME loan. ComEd provided an energy grant to the development.
The federal low-income housing tax credit is responsible for nearly all the affordable housing built and preserved since the program was created in 1986, having financed nearly 3.5 million affordable homes nationwide. The development of these homes has generated approximately $617 billion in wages and business income and $214 billion in tax revenues, supporting approximately 5.5 million jobs.
Alden Foundation is a nonprofit development organization whose mission is to preserve and expand affordable housing opportunities for seniors. The foundation opened Warrenville Horizon Senior Living Community last month, which is located at 28W620 Batavia Road. For leasing and more information, call (630) 786-5180.
Since 1996, Alden Foundation has developed more than 1000 units of affordable senior housing in the Chicago metropolitan area. To learn more, visit www.aldenfoundation.org.