GRAYSLAKE – When her rent doubled earlier this year, June McCoy worried she would have to leave the Lake County community that has become her home.
“I’m in my 80s, independent, active and wanted to stay in the Lake County community that I love. But my rent doubled while my Social Security remained flat. The interest from my savings dropped dramatically,” McCoy said.
With the opening of the Lakefront Residences of Grayslake, McCoy has an affordable place to live so she can continue to remain active in the community.
On behalf of the administration of Governor Pat Quinn, Illinois Housing Development Authority (IHDA) representatives today joined public and private partners to celebrate the grand opening of Lakefront Residences of Grayslake, located at Belvidere and Neville roads. IHDA allocated federal housing tax credits that generated more than $17 million in private equity to build the 70-unit rental home development.
“Lakefront Residences of Grayslake demonstrates Governor Pat Quinn’s continued commitment to creating safe, decent and affordable rental homes for seniors on limited incomes across Illinois,” said IHDA Executive Director Mary R. Kenney. “Seniors who have disabilities or special needs and require support to live independently in the community where they have contributed so much will now have that opportunity.”
Developed by Mercy Housing Lakefront, the development features 63 one-bedroom units and seven one-bedroom units with a den. Of the 70 units, 25 will be for seniors over the age of 55 with special needs or disabilities.
Furthering the State of Illinois’ commitment to green building, the Illinois Department of Commerce and Economic Opportunity (DCEO) provided an additional $233,000 grant to finance the new housing. Lakefront Residences of Grayslake incorporates a hybrid geothermal heating and cooling system, and solar heated domestic hot water.
Lakefront Residences of Grayslake offers multiple amenities for seniors so they can live vibrant, active lives. Residents have easy access to natural amenities, such as a walking trail and the village’s namesake, Grays Lake. The development also is conveniently located near shopping, restaurants and public transportation.
“Mercy Housing Lakefront is delighted to be a part of the Grayslake community and providing affordable housing to the seniors of Lake County,” said Cindy Holler, President of Mercy Housing Lakefront. “This innovative building will provide energy efficiency through green technologies and will connect seniors to Lake County services which allow them to maintain independence all in a central location close to their families.”
To qualify for the affordable apartments, applicants must earn at or below 60 percent of the average median income in Lake County, or $36,420 for a two-person household. For leasing information, call (847) 752-0760.