A Michigan company hopes to make its first foray into the Chicago market by building federally subsidized senior citizen housing in the village.
Representatives of Reenders Yarling Properties told plan commissioners they want to construct an H-shaped, 150-unit development at 169th Street and Harlem Avenue.
Rod Yarling said the facility can offer “affordable senior housing” to elderly people able to live independently because of an Internal Revenue Service program allowing the developer to sell tax credits based on the project’s value.
The project would use about half of the 10 acres that the company has an option to purchase, according to architect Chuck Floramo, with the rest of the land possibly being used for an assisted-living facility or small, single-family homes for seniors.
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Yarling said rents would be about $475 to $550 for one bedroom and $600 to $625 for two bedrooms, including heating costs. About two-thirds of the units would have one bedroom.