Alden Foundation successfully applies for tax credits for senior housing in the Village of Woodridge, IL
- Analyzed existing senior housing near Woodridge for the Village of Woodridge as part of an evaluation of senior housing needs
- Recommended an affordable independent living facility along with the names of high-quality developers
- Prepared the market study for developer of the subsequent successful tax credit application
Requirement
Woodridge is a southwest suburb of Chicago with an aging population but no senior housing. We were retained to analyze existing senior housing near the village as well as the demographics of the population. In addition, we were asked to recommend which type of senior housing was most likely to be successful on a village-owned site.
Approach
Covering affordable and market-rate independent and assisted living, our analysis looked at the senior housing most needed by community residents and what would be most marketable. We recommended an affordable independent living facility using Low-Income Housing Tax Credits. We provided the Village with the names of several high-quality developers, all with a track record of obtaining tax credits from the state of Illinois.
Results
The Village selected The Alden Foundation to develop its facility, and we prepared the market study submitted as part of its tax credit application. Having secured tax credits from the Illinois Housing Development Authority in 2014, the 92-unit project was completed in 2016 and was leased within a couple of months.
“I have worked with Valerie Kretchmer for many, many years and never make a site decision without her expertise. She and her team understand well the dynamics of markets and how to measure need and demand. They are thoughtful, detail-oriented and big-picture smart.” ~ Beth Demes, The Alden Foundation