- Illinois Housing Development Authority, UnitedHealthcare of Illinois and Enterprise Community Investment provide $13.2 million in funding for Mount Prospect project
- Other partners include Village Bank & Trust, the Housing Authority of Cook County and Regional Housing Initiative
CHICAGO--(BUSINESS WIRE)-- Community leaders, project partners and local residents today celebrated the groundbreaking for Myers Place, a new $13.2 million mixed-use supportive housing development in the northwest suburbs of Chicago.
Myers Place, located in Mount Prospect, will offer affordable housing for individuals who are disabled, mentally ill or formerly homeless, who have the ability to live independently. The property will feature 21 one-bedroom and 18 studio furnished apartments, a state-funded supportive services program for residents and 3,560 square feet of commercial space. The property also includes a community room with kitchen, laundry facilities and offices for case managers.
The project is being developed by Daveri Development Group, a Chicago-based company with more than 30 years of experience revitalizing and creating affordable housing throughout the Midwest. Kenneth Young Center, a leading provider of social services in the Chicago area, will provide onsite case management, counseling and coordination with health care providers.
“Myers Place will be an important asset for this northwest suburb of Chicago because it will provide affordable housing for people with some of the greatest needs in our community,” said Jessica Berzac, vice president for Acquisitions and Development at Daveri Development Group. “We are so grateful for the support from our partners and the community for helping make today’s groundbreaking ceremony a reality.”
UnitedHealthcare is providing $8.1 million in Low Income Housing Tax Credit (LIHTC) equity to help build Myers Place through a partnership with Enterprise Community Investment, Inc. (Enterprise), a national leader in the affordable-housing and community-development industry. The UnitedHealthcare and Enterprise partnership was designed to provide up to $50 million to finance affordable-housing developments in targeted communities throughout the United States.
“Myers Place is an example of how the private and public sectors are working together to build stronger communities in Illinois,” said Tom Wiffler, president and CEO of UnitedHealthcare of Illinois, which provides health care benefits and services to more than 1.1 million Illinois residents. “UnitedHealthcare is grateful for the opportunity to be a partner in the development of Myers Place and to lend our support to such an important endeavor.”
Additional major funding partners include the Illinois Housing Development Authority (LIHTC allocation and $2 million); Enterprise ($1.7 million in LIHTC equity); and Village Bank & Trust, which is providing construction phase financing and $1 million in permanent financing. Other community partners that have been integral to the project include the Department of Commerce & Economic Opportunity ($100,000), Corporation for Supportive Housing, the Housing Authority of the County of Cook, and the Regional Housing Initiative.
“We are celebrating this groundbreaking today due in large part to the support from the residents of Mount Prospect and the partners who have embraced our vision and helped fund the project,” said Mitch Bruski, CEO of Kenneth Young Center. “That support has been so important, and when completed, Myers Place will be a model for affordable housing and community development for the future.”
Several community leaders and project partners, including Mount Prospect Mayor Irvana Wilks, Cook County Commissioner Tim Schneider, Hugh Brady of National Association of Mental Illness (NAMI) Illinois and state Representative David Harris, attended the groundbreaking ceremony. They spoke about the importance of the project and the opportunities it will create for its residents, Mount Prospect and the surrounding community.
On behalf of Governor Pat Quinn’s administration, the Illinois Housing Development Authority (IHDA) provided the critical allocation of federal tax credits that generated more than $10 million in private equity and $2 million in Community Development Block Grant financing in partnership with the Illinois Department of Commerce and Economic Opportunity (DCEO). IHDA has been instrumental in supporting affordable housing projects that provide independent living for people living with disabilities or who have been homeless.
“Myers Place furthers Governor Pat Quinn’s commitment to increasing safe, decent and affordable housing opportunities so more people with disabilities can live independently in a community setting,” said Mary R. Kenney, IHDA executive director. “This project demonstrates how we work together with our private partners to create housing that will enable people with special needs to lead more active, dynamic lives.”
UnitedHealthcare invests with Enterprise and other groups in a variety of affordable housing projects like Myers Place by providing important equity for development. “Enterprise is proud to partner with UnitedHealthcare of Illinois to provide critical financing equity for Myers Place,” said Charlie Werhane, president and CEO of Enterprise Community Investment. “Once completed, Myers Place will offer the type of safe, affordable housing needed to create stability and opportunity for the most vulnerable people in our community.”
According to DDG and Kenneth Young Center, Myers Place is expected to open its doors to serve the people in the northwest suburbs of Chicago beginning in summer 2013. The mixed-use complex is being built on a vacant lot on the corner of Busse and Dempster roads in Mount Prospect. Village officials unanimously approved the project in November 2011.
“Myers Place will stand as a shining example for other municipalities to ease their fears if they are asked to approve similar developments,” said Hon. Irvana K. Wilks, mayor of Mount Prospect. “The quality of the building’s architecture allows us to have a nice development on undeveloped property. Then the services to be provided will help us address a special needs population. All of the various partners allowed the Mount Prospect Village Board to have confidence that this will be a true triumph at every level.”
About Daveri Development Group: The mission of Daveri Development Group (DDG) is to revitalize and create affordable housing across the Midwest. Based in Chicago, DDG has over 30 years of combined experience, which allows the company to address the need for affordable housing in diverse communities while creating high quality, attractive, and eco-friendly living spaces for residents. For more information go to www.daveridevelopment.com.
About Enterprise: Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $11 billion in equity, grants and loans to help build or preserve nearly 300,000 affordable rental and for-sale homes to create vital communities. Visit www.EnterpriseCommunity.org to learn more about Enterprise’s efforts to build communities and opportunity.
About the Illinois Housing Development Authority (IHDA): IHDA is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Since its creation in 1967, IHDA has allocated more than $11.1 billion and financed approximately 221,000 affordable units across the state. IHDA accomplishes its mission through a number of federal and state funding sources. IHDA is also a bonding authority, and independently sells bonds, based on its own good credit, to finance affordable housing in Illinois. For more information go to www.ihda.org.
About Kenneth Young Center: Kenneth Young Center is a not-for-profit, comprehensive provider of mental health and senior citizens’ support services. Its mission is to help people “feel good, do better and find solutions” by providing counseling for adults, children, and families; assessment, stabilization, and linkage for adults and children in psychiatric crisis; treatment, support, and psychiatric rehab for those with serious mental illness; service coordination and in-home services for frail elderly persons; and volunteer opportunities. For more information, visit www.kennethyoung.org.
About UnitedHealthcare: UnitedHealthcare is dedicated to helping people nationwide live healthier lives by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. The company offers the full spectrum of health benefit programs for individuals, employers and Medicare and Medicaid beneficiaries, and contracts directly with more than 650,000 physicians and care professionals and 5,000 hospitals nationwide. UnitedHealthcare serves more than 38 million people and is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified Fortune 50 health and well-being company.
Daveri Development Group (DDG)
Jessica Berzac, 312-870-4747
Kevin Shermach, 312-399-4530
Enterprise Community Partners
Jon Searles, 202-649-3916
KEYWORDS: United States North America Illinois
INDUSTRY KEYWORDS: Health Mental Health Professional Services Urban Planning Insurance Construction & Property Residential Building & Real Estate General Health Managed Care