The state has awarded low-income housing tax credits to a senior apartment complex planned for Yorkville.
Anthony Place Yorkville is planned for the northeast corner of Freemont and Walnut streets on the city's north side, just south of the Jewel-Osco grocery store.
The Yorkville City Council unanimously approved modified plans for the complex in February. Neighbors of the proposed complex voiced concerns about an initial four-story plan, and developers modified the plan to a two-story building with 50 units.
The project is planned by GC Housing Development LLC and the Burton Foundation.
According to the Illinois Housing Development Authority, the agency awarded a total of $12.7 million in federal Low-Income Housing Tax Credits to help finance 12 affordable housing developments in eight counties throughout Illinois.
"Once sold to investors, the tax credits will generate an estimated $132.4 million in private capital to finance the creation or preservation of 955 affordable apartments for families, seniors and persons with disabilities," Authority officials said. "The construction activity is expected to support more than 1,657 full-time construction jobs and 298 permanent jobs after completion."
“The Low-Income Housing Tax Credit is the most effective tool we have to create and preserve affordable housing in Illinois,” IHDA Executive Director Audra Hamernik said. “The public-private partnerships formed through these credits lead to significant investments that revitalize and grow Illinois communities each year, ensuring working families, those with disabilities and seniors have safe, decent and affordable place to call home.”