CHICAGO (AP) – A new state program will help finance the preservation of about 600 affordable housing units for people with disabilities and seniors in Chicago and Peoria.
Gov. Pat Quinn announced the projects Saturday. They are the first under an Illinois Housing Development Authority program known as Preservation Now.
Quinn said the project will preserve affordable housing for hundreds of families and create more than 500 jobs. He said it’s more important than ever to maintain reasonably priced rental homes.
In Peoria, IHDA is providing about $30 million in low-interest loans to rehabilitate 478 units in four developments. The Chicago project provides about $18 million in loans to buy and rehabilitate a 100-unit high-rise for seniors.
Work is expected to be completed by fall.