Turnstone Development Corporation is a not-for-profit 501(c)(3) real estate development corporation specializing in the construction and preservation of affordable housing. Since 1998, Turnstone Development has developed over 1,680 affordable housing units leveraging over $257 million in private and public investment capital sources. These sources include Low Income Housing Tax Credit (LIHTC), equity from the Illinois Housing Development Authority (IHDA), American Reinvestment and Recovery Act Stimulus funds (ARRA), traditional banking and lending institutions’ loans and grants from Federal Home Loan Bank (FHLB) and the Department of Commerce and Economic Development (DCEO).
Wisdom Village of Northlake is a senior development at which at least one member of the household must be 55 years of age or older. Of the seventy-one (71) units, forty-seven (47) have rental assistance from the Housing Authority of Cook County, so that residents pay 30% of their income in rent while the HACC subsidizes the remainder. Units are income restricted to 30% AMI; 50% AMI and 60% AMI.
Both IHDA and Cook County committed significant resources to create this affordable housing for seniors, which received strong local support. The project currently has a long waitlist for prospective tenants.
Project Funding Sources
Unique Project Elements
Photo Credit: Google Earth, Nov 2018