July 3, 2013 (Freeport, IL)– The National Development Council and NDC Corporate Equity Fund (NDC CEF) are proud to announce the grand opening of Heritage Woods Supportive Living Facility in Freeport, Illinois. Mayor Jim Gitz, community leaders, and project partners participated in a Ribbon Cutting Ceremony held on June 27, 2013.
NDC Corporate Equity Fund invested $6.7 million in Low Income Housing Tax Credit (LIHTC) equity from NDC CEF’s Fund IX into the $12 million new construction. The project is a 76-unit supportive living facility that consists of 37 studios and 39 one-bedroom apartments. Designed to meet the needs of seniors that require supportive care, Heritage Woods Freeport will provide a comprehensive array of housing, personal and health related support services.
NDC CEF partnered with Freeport Supportive Living Facility, LLC (FSLC) and the Stephenson County Nursing Center Foundation in the development of the project. Once in full service, BMA Management, LTD will operate the facility.
Heritage Woods of Freeport was developed under the State of Illinois’ Supportive Living Facility (SLF) program. SLF is administered by the Department of Healthcare and Human Service, it was developed as an alternative to nursing home care for low-income older persons and persons with disabilities under Medicaid.
Guests in attendance at the ribbon cutting included, Rob Burkett- President of BMA Management, Wayne Smallwood- Executive Director of the Affordable Assisted Living Coalition, and Bob Skurla- member of the Stephenson County Nursing Center Foundation Board. In addition, Mayor Jim Glitz, Senator Tim Bivins, and Colleen Callahan- State Director of Rural Development.
About National Development Council and NDC Corporate Equity Fund
Founded in 1969, the National Development Council is a national non-profit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. From a seminal role in the earliest days of the community development movement, NDC has grown into one of the most comprehensive providers of financing, development expertise, technical assistance and training for community revitalization efforts throughout the U.S.
One of its signature programs is NDC Corporate Equity Fund (NDC CEF), launched in 1995 NDC CEF brings investor capital to community partners who need equity for their affordable housing and historic rehabilitation projects. NDC CEF has successfully subscribed ten multi-investor funds totaling over $450 million in equity for Low Income Housing Tax Credit (LIHTC) projects or Historic Rehabilitation Tax Credits (HRTC), which leveraged an additional $500 million of investments. The projects have provided over 7,400 units of quality housing for low-income families, the elderly, formerly homeless residents and persons with special needs throughout the United States and Puerto Rico.