New Affordable Senior Development Approved for the Pullman Community
A financial proposal approved by City Council today will authorize the issuance of up to $8.1 million in TIF funds for Phase I of Imani Senior Village in Pullman. Today’s measure will also authorize issuance of up to $6 million in DOH Multifamily loan or grant funds and designate Imani Senior Village Phase I, LLC, or an entity acceptable to the DOH Commissioner, as developer.
Planned as a senior independent living community, the five-story structure will be constructed at 9633 S. Cottage Grove Ave. and will connect to a central one-story building which will be used as the main entrance into the complex. Amenities will include an array of communal spaces, including a wellness center, a fitness center, a salon, roof top deck, vending areas, outdoor open space, and on-site parking for 26 cars. Imani Senior Village will feature 60 one-bedroom and 10 two-bedroom units affordable to households up to 60% of the area median income.
The total project cost is estimated at $31.6 million. In addition to TIF and multifamily loan funds, the City will provide additional funding for the 70-affordable unit development that would also include up to $1.5 million in 9% Low Income Housing Tax Credits expected to generate $13.8 million in equity, and $797,500 in Donation Tax Credits to reflect the appraised value of the land. Other fundings will consist of a private loan, State funds, ComEd Energy Grant and GP Equity.
# # #