An affordable housing project for seniors in Peru has received $6 million in funding for construction.
Associated Bank said it is financing the Diamond Senior Apartments of Peru through 3 Diamond Development at 927 Wenzel Road.
The Diamond Senior Apartments will consist of 10 single-storey residential buildings totaling 56 units. The project will feature a mix of 42 one-bedroom and 14 two-bedroom layouts. All units are reserved for low-income seniors aged 55 and over. Twelve of the units will be reserved for senior households earning less than 30% of the region’s median income, and the remaining 44 units will be limited to 60% of the AMI.
Each unit will include modern appliances, ceiling fans and central air conditioning, as well as washers and dryers. Units will be wired for cable, internet and phone service and will have vinyl plank flooring throughout. The development will also include a community building, located near the southeast corner of the site, with an exercise room and a community room with kitchen.
The Illinois Housing Development Authority has provided grants for affordable developments throughout Illinois, including this project in Peru.
Funded through the COVID-19 Affordable Housing Grant Program, the state is providing grants using $75 million in federal funds that aim to create or preserve 1,023 affordable housing units for low-income households and medium. The money will provide vital gap financing and full underwriting for affordable housing developments that may not otherwise have been built due to financial challenges brought about by the COVID-19 pandemic.