WEST DUNDEE, Ill. — Gardner Capital Development, in partnership with the Elgin Housing Authority, was awarded $1.5 million in Low Income Housing Tax Credits (LIHTC) from the Illinois Housing Development Authority to develop West Dundee Senior Independent Living in the northwest suburbs of Chicago.
The total development cost of the 85-unit affordable community will be $16 million.
Construction will begin in March 2016, with completion expected in December 2016.
When complete, the apartments will be available to residents earning at or below 60 percent of area median income.
St. Louis-based Gardner Capital is a developer, investor and syndicator of tax credits for affordable housing and renewable energy projects in the U.S.