VALPARAISO, Ind. — Evergreen Real Estate Group has completed Green Oaks of Valparaiso, a $30 million assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana.
The three-story project includes 120 units and is located at 2550 W. Morthland Drive. All residences are reserved for seniors age 62 and older, with incomes at or below 60 percent of the area median income. A financial assistance program is available for qualified applicants.
Evergreen Construction Co., a division of Evergreen Real Estate Group, served as the general contractor on the development, which received 90 pre-leases prior to opening. Managed by Gardant Management Solutions, Green Oaks of Valparaiso is licensed and regulated as a residential care facility by the Indiana Department of Health and approved as an assisted living Medicaid-waiver provider by the Indiana Family and Social Services Administration.
The community is staffed 24 hours by certified nursing assistants who monitor and assess resident health and assist with bathing, grooming, dressing, medication management and other daily needs. Additional offerings include transportation, laundry, weekly housekeeping and onsite beauty/barber services. The onsite dining room provides residents with three meals per day plus snacks.
The Indiana Housing and Community Development Authority awarded 4 percent Low-Income Housing Tax Credits (LIHTC) in support of the project. In addition, the City of Valparaiso Economic Development Commission issued tax-exempt bonds, which were sold by Piper Sandler, providing debt financing. PNC Bank invested in the project, providing LIHTC equity.