Grant intends to bring 60 residential units for seniors to Peru

The Illinois Housing Development Authority is providing grants to 19 affordable developments across Illinois, including one selected 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.

3 Diamond Development in Peru intends to bring 60 units for La Salle County seniors across 10 new single-story townhouse buildings. Each unit will feature modern appliances and the development will have a community and fitness room for residents. The complex will be located north of Wenzel Road and west of the Peru Social Security office and will be constructed by 3 Diamond Development, a Lincolnwood company specializing in affordable housing. This development was announced in May of last year.

“Doubling down on supply is a key component of bringing affordable housing to everyone, and I’m proud of this $75 million investment that will build more than 1,000 new units for residents across Illinois,” said Gov. JB Pritzker. “This funding will help close the gap between construction and completion for more than a dozen new developments, which will in turn serve as the home base for Illinois families to build their lives.”

The COVID-19 pandemic created challenges in the creation and preservation of affordable housing as supply chain disruptions, workforce shortages and rising prices of construction-related materials caused delays and increased development costs, the Illinois Housing Development Authority said in a press release. This market instability put additional strain on traditional funding resources available to fill underwriting gaps, and many affordable housing developments were suddenly no longer economically feasible.

“The COVID-19 Affordable Housing Grant Program is creating hundreds of new, safe affordable housing opportunities that may have otherwise never happened without the help of Gov. Pritzker and the Illinois General Assembly,” said IHDA Executive Director Kristin Faust. “These developments will help address the need for affordable housing in communities throughout Illinois, and we look forward to continuing this work that furthers the state’s recovery.”

This grant program was designed to provide vital funding for housing developments that have been awarded federal Low-Income Housing Tax Credits to overcome increased costs related to the pandemic.