Low-Income Housing Tax

Housing Assistance

Indiana: GIFT-ed

Communities Unabridged: Watershed for Fayetteville

Dress For Success

Spanning The Region

Calendar

October

November

December

Resources

By Judy Armstrong, community affairs analyst, Federal Reserve Bank of St. Louis

Cache Valley Apartments in Ullin, Ill., was the first in a series of facilities being developed for a national program providing an assisted living option to seniors who otherwise would not be able to afford it. Through the efforts of River to River Residential Corporation, a nonprofit organization formed to create high quality, affordable housing for senior citizens in southern Illinois, the Cache Valley Apartments became a reality. River to River has a volunteer board with representatives from health care, social service and educational service providers in the region.

Residents of the Cache Valley Apartments in Ullin, Ill., are able to enjoy an independent lifestyle in quality, afordable housing.

Apartments are available to anyone at least 60 years old who meets the income and need guidelines. These are strictly apartments--tenants can come and go as they please, or they can entertain guests in their apartments or in one of the four living rooms. Each apartment has air conditioning and heating units and a kitchen furnished with a stove and a refrigerator. Tenants are responsible for their own telephones and other options such as cable TV.

The building has 40 units (22 studios which rent for $321 a month; 17 one-bedroom units for $405; and one two-bedroom for $478). There are three wings in the building, each having a living room and a laundry room. In addition, a large living room and dining room are located in the front of the facility. Meals are served in a communal dining room, but residents can also fix food for themselves in their kitchenettes.

Toby Saken, chairwoman of the River to River Residential Corporation, said, "The idea is for residents to have assistance when needed but to live on their own as much as possible."

A second facility, Big Muddy River Apartments, has been completed in Murphysboro, Ill., and River to River plans to build others in Herrin and Metropolis. River to River would like to add one per year and, so far, the organization is right on target.

Tax credits for the Ullin project were bought by Mercantile Bank of St. Louis and First National Bank of Carbondale. Mercantile also purchased all the tax credits for the Murphysboro project. To begin work on the other projects, River to River is looking for smaller local banks to partner with large banks to buy additional tax credits. For more information, contact Toby Saken at (618) 985-8221.

River to River Project, 1997 (in thousands) Costs Construction & 5% contingency Developer fee Furniture, fixtures & equipment Predevelopment, acquisition & land preparation Financing fees, interest & carrying charges Architectural, attorney, consultant fees TOTAL Financing Banks' Limited Partner Equity Southern Illinois Healthcare & Illinois Trust Fund loans Predevelopment: R. W. Johnson Foundation & National Coop. Bank Development Corp. Deferred fee & general partner equity R. W. Johnson Foundation TOTAL

$2,585 270 209 236 208 248 $3,756 $2,200 1,180 193 103 80 $3,756

Back to top