The Montclare Senior Residences New Senior Housing Opens in Avalon Park

Posted on 17. Mar, 2010 by admin in Community Focus

by Lesley R. Chinn

Mayor Richard M. Daley (right), Phil Mappa, managing director of MR Properties, and Eighth Ward Ald. Michelle Harris look outside a window of one of 102 affordable units during an official grand opening ceremony at the new Montclare Senior Apartments of Avalon Park.

Hundreds joined Eighth Ward Ald. Michelle Harris and Mayor Richard M. Daley recently in the official grand opening of a new senior development in the Avalon Park community.
The ribbon-cutting ceremony marked the celebration of the newly constructed Montclare Senior Apartments of Avalon Park located on 1200 E. 78th St.

The seven-story facility, which houses a total of 102 affordable units, includes amenities such as a laundry room, a beauty salon, and a doctor’s office. The 430-plus square feet apartments are available to senior citizens earning at or below 60 percent of area median income. Thirteen of the units are reserved for senior citizens earning no more than 30 percent of the area median income. The rents range from $168 to $700 a month.
“Chicago’s senior population is growing and we are continuing to make important investments to provide safe, affordable housing for them. Developments like these offer another option for seniors who want to remain a vibrant part of their community surrounded by the support and services necessary to lead healthy and active lives,” Daley stated.
The city donated the vacant land valued at $1.5 million, invested $6 million in loans, $1 million in tax credits that generated over $9.3 million in equity and $650,000 from the Chicago Low Income Housing’s Trust Fund. The project also received $1.9 million in Tax Increment Financing (TIF) Assistance and $1 million from the Illinois Housing Development Authority’s Trust Fund.
The developer for the 90,000 square foot building is Avalon Park Phase I LLC. MR Properties manages the facility. Phase Two, which begins next year, will include the construction of more than 120 units. For leasing information, call Montclare Senior Residences at (773) 933-9000 or visit: www.TheMontclare. com.

Tags: Lesley R. Chinn