ROCHELLE, Ill. — Lincoln Avenue Communities (LAC) has broken ground on Willis Senior Lofts, an affordable housing development for lower-income seniors. The property will be constructed in Rochelle, a small city of fewer than 10,000 residents approximately 75 miles west of Chicago.
The 60-unit property represents LAC’s second new construction deal in Illinois. Willis Senior Lofts will serve residents age 55 and older, with 45 units restricted to households earning less than 60 percent of the area median income (AMI) and 15 units restricted to 30 percent AMI.
LAC plans to complete the project in spring 2025 and expects to achieve Enterprise Green and Net Zero environmental sustainability certifications.
The development was financed using 9 percent Low Income Housing Tax Credits, a soft first mortgage from the Illinois Housing Development Authority (IHDA), $4.9 million in IHDA soft funds, and 45L energy efficiency credit equity. CREA purchased both the LIHTC and 45L credits, and Chase will provide a construction loan for the development.