Berkadia announced the financing and preservation of Jesse Jackson Jr. Senior Housing, a 120-unit affordable seniors housing community in Harvey, Illinois. James Grande secured the $17.6 million low-income housing tax credit equity investment on behalf of the sponsor, Preservation of Affordable Housing.
The community consists of two three-story, elevator-serviced buildings that were originally constructed in 2007 (phase II) and 2011 (phase III). The project will consist of 120 one-bedroom units serving seniors aged 62 and above, with 114 of the units set aside for persons whose income is at or below 50% of the area median income. The remaining six units will be set aside for persons with disabilities whose income is at or below 30% AMI as part of IHDA’s statewide referral network program.
The renovation will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers and new paint in all residential units. To enhance energy efficiency, the renovation will include the installation of solar panels and will receive renewable energy investment tax credits under Section 48 and the U.S. Internal Revenue Code.
