Developer: 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 II is the second phase of the successful Wisdom Village of Northlake development. The project involved the demolition of three (3) existing, vacant commercial spaces and the new construction of a six-story elevator building for low-income seniors ages 62+. The building has fifty (50) units comprised of forty-two (42) one- and eight (8) two-bedroom apartments. The building is situated along North Avenue to encourage pedestrian interaction and complements the neighborhood with brick and stone accents. As with Phase I, the site is particularly suited for senior housing, with nearby amenities including retail shopping, medical offices, grocery stores, pharmacies, banks, restaurants and classes and activities and classes for seniors at a nearby park. It is well served by several PACE bus lines on North Avenue. Turnstone Development is a CHDO which is committed to developing affordable housing in suburban Cook County.
Project Funding Sources
Unique Project Elements