After almost 3 years of planning, zoning and financing hurdles, affordable senior housing called Kenzie Senior Residences has started construction on East Kensington Road across from the Randhurst Village Shopping Center in Mount Prospect.
According to an article in the Daily Herald, the project will consist of 74 units for seniors age 55 and older and has been in the works for three years. Financing has recently been secured with the help of state and county agencies.
"Affordable housing has been a priority of mine since I first took office as an alderman with the city of Chicago and has been a primary focus of my administration at the county level. This new development is a signal of hope during these unsettling times and will provide our seniors with a decent, safe and affordable place to live in suburban Cook County for years to come."
Cook County Board President | Tony Preckwinkle
James Perlman, founder and CEO of Perlmark Housing Group is the developer and has secured financing with the assistance of the Illinois Housing Development Authority's affordable housing tax credit program and also with Cook County's HOME investment Partnership Program. Construction financing and permanent financing was provided by Bank of America and Redstone Capital.
Affordable senior housing is needed all throughout Illinois and there is a growing demand for the apartments in the Northwest suburbs.
The building will consists of the following:
- 68,700 square foot three-story elevator building
- 60 one-bedroom, one bathroom apartments
- 14 two-bedroom, one bathroom apartments
- Community rooms
- Lounges
- Units range from 617 square feet to 900 square feet
- Prices range from $400 to $1,083 per month
The Housing Authority of Cook County has committed limited rental assistance to assist extremely low-income, disabled and veteran seniors.
