New Amendment Extends Loan Term for New Senior Development in Pullman
City Council today, under the Johnson Administration, has approved an amendment that extends the term of the Construction and Permanent Senior Loan from 40 to 42 years for Imani Village, a senior living development in the Pullman community. The amended ordinance will also add language that allows the Authorized Officer to accept alternate deal terms that do not negatively impact the City’s interest without having to return to Council.
Imani Village is located at 9633 S. Cottage Grove, adjacent to Cottage Grove Heights. Spanning five stories, it includes a single-story section that will contain the main entry and a wide array of common spaces for the residents. There will also be a large outdoor space for residents’ enjoyment.
The building will be 56 feet high, and the site will include 26 parking spaces. The building will provide 60 one-bedroom and 10 two-bedroom units made affordable for households at or below 30% and 60% AMI.
The total project cost is estimated at $31,682,076. The development will be financed with various sources, including TIF, 9% LIHTC, Illinois Donation Tax Credits and DOH multifamily funds. Other fundings will consist of a private loan, State funds, ComEd Energy Grant and GP Equity.