A planned affordable senior housing development in Galesburg has received federal Low-Income Housing Tax Credits from the Illinois Housing Development Authority, moving the project closer to construction.
The Burlington Terrace development, a partnership between Bywater Development Group, Simmons Development Group, Beacon-SOCAYR, Graham Health System, and the city of Galesburg, will provide 60 villa-style apartments for adults 55 and older.
The one- and two-bedroom apartments will range from 688 to 811 square feet and will be income-restricted based on area median income guidelines established by the U.S. Department of Housing and Urban Development.
Burlington Terrace will be built adjacent to Graham Health System's newest medical campus on North Seminary Street, giving residents convenient access to ambulatory surgery, Convenient Care, and primary and specialty healthcare services.
Developers sell the tax credits to private investors to raise upfront capital for construction. Then developers are required to keep the units affordable for low-income tenants.
In a press release, the development partners said the tax credit award reflects the strength of the partnership and will help bring affordable housing to older adults in Galesburg.
The project also supports one of the city's strategic goals of expanding local housing options.
The development team will oversee planning, financing, construction, leasing, and long-term property management. Construction is expected to begin after financing is finalized and remaining pre-development work is completed.
Leasing information and a construction timeline will be announced later.
