Senior Housing Study for the Northwest Suburban Housing Collaborative
Cook County, IL
For a group of five northwest Chicago suburbs and the Metropolitan Mayors Caucus (Chicago), VSKA analyzed the existing senior housing, the need for additional senior housing of all types, and the existing programs that enable seniors to age in place.
VSKA determined the demand for new affordable and market rate housing units by type (independent living, assisted living, memory care), service duplication and gaps, and ways in which the municipalities could work together to meet future senior housing needs.
Results: The communities enacted a senior handyman program to assist seniors with maintenance issues, and prepared a directory of senior housing and services.
Senior Housing Needs Assessment and Market Study
The Village of Woodridge, a southwest suburb of Chicago, retained VSKA to analyze the existing senior housing near the village, demographics of the senior population, and to recommend the type of senior housing that could be successful on a Village-owned site. The Village has an aging population but no senior housing.
Results: VSKA recommended an affordable independent living facility using Low-Income Housing Tax Credits and provided the Village with the names of high quality developers with a track record of obtaining tax credits from the state of Illinois.
The Alden Foundation was selected and VSKA prepared the market study submitted as part of its tax credit application. The 92-unit project received an allocation of tax credits from the Illinois Housing Development Authority in 2014, broke ground in 2015 and will open in 2016. The developer and Village have a long list of interested seniors who want to move into the building.
Market Study for Senior Suites of Norwood Park
VSKA prepared a site and market study for the adaptive re-use of the former Passionist Monastery on the northwest side of Chicago into 84 units of affordable and market rate senior apartments.
Results: Aided by the market study, the developer, Senior Lifestyle Corporation, successfully applied for Low-Income Housing Tax Credits from the Illinois Housing Development Authority. The building opened in 2014 and leased up quickly.
Market Studies for Victory Centre of Vernon Hills
Vernon Hills, IL
VSKA prepared market studies for Pathway Senior Living for a 111-unit independent living facility and a 120-unit supportive living facility (SLF) for low and very low-income seniors in suburban Vernon Hills, IL, 30 miles north of Chicago.
The SLF provides affordable assisted living to those eligible for Medicaid, while those with higher incomes may pay privately until their resources are exhausted, at which time they are converted to Medicaid.
Results: VSKA's market studies aided the developer in obtaining a license under the state's Medicaid Waiver program for the SLF, as well as Low-Income Housing Tax Credits and HOME funds from the Illinois Housing Development Authority for the two buildings. Both properties leased quickly and remain well occupied.