Public-Private Financing Allows Marion Construction to Start
Approximately $7.5 million in state and federally backed funding efforts will help back construction of the River to River Residential Community of Marion (Illinois). The Illinois Finance Authority (IFA) provided $5.7 million in tax-exempt bond financing to build the supportive living facility for low-income seniors. An additional $1.8 million in American Recovery and Reinvestment Act (ARRA) funds, providing through the Illinois Housing Development Authority (IHDA), helped to leverage more than $2 million of equity for the development.
River to River is among the first housing developments in Illinois to break ground as a result of IHDA’s $1.8 million ARRA financing, which is aimed at jumpstarting construction on previously stalled federal low-income housing tax credit developments. With the contraction of the credit market, traditional investors have steered away from this market, driving down the value of tax credits. In response to the current economic climate, the new federal dollars provide the financial incentive needed to spur development.
River to River Residential Community will contain 50 single and double occupancy apartments. The facility will also house management offices, a computer room, a hair salon, a resident-managed convenience store, an exercise room, as well as a rose garden and walking path.