Senior housing in Peru gets $6 million in financing

An affordable senior housing development in Peru received $6 million in financing for construction.

Associated Bank said it is financing the Diamond Senior Apartments of Peru by 3 Diamond Development at 927 Wenzel Road.

The Diamond Senior Apartments will include 10 single-story residential buildings totaling 56 units. The project will include a mix of 42 one-bedroom and 14 two-bedroom layouts. All units are restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to senior households earning less than 30% of the area median income, and the remaining 44 units will be restricted to 60% AMI.

Each unit will feature modern appliances, ceiling fans and central air conditioning, as well as in-unit washers and dryers. Units will be wired for cable, internet and phone service and will have vinyl plank flooring throughout. The development will also include a community building, located near the southeast corner of the site, with an exercise room and community room with kitchen.

The Illinois Housing Development Authority provided grants to affordable developments across Illinois, including this project in Peru.

Funded through the COVID-19 Affordable Housing Grant Program, the state is providing grants using $75 million in federal funds that intend to create or preserve 1,023 units of affordable housing for low- and moderate-income households. The money will provide vital gap financing and complete underwriting for affordable housing developments that may have otherwise not been built because of financial challenges brought on by the COVID-19 pandemic.