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Ill. to help renovate 600 affordable housing units

Published: Monday, Oct. 21, 2013 5:30 a.m. CDT

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're the first under an Illinois Housing Development Authority program known as Preservation Now.

Quinn says the project will preserve affordable housing for hundreds of families and create more than 500 jobs. He says it's more important than ever to maintain reasonably priced rental homes for Illinois residents.

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 on the city's north side.

Work is expected to be completed by fall.

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