McCrory Senior Apartments, a 62-unit elderly apartment complex developed by Brinshore Development in the Near West Side of Chicago, recently won an award at the Illinois Governor’s Conference in February for it’s creative financing structure allowing multiple donations to the project. These donations were able to make the project viable by generating additional financing in addition to an increased award of Illinois Affordable Housing Tax Credits (IAHTC), which are issued by the state based on donations to low-income housing developments. Clocktower Tax Credits procured the Tax Credit buyer for the transaction, providing the project with equity for construction. The development was able to proceed and is now fully built and operational, providing community spaces and independent living apartments for senior tenants in a central area of the city.
Clocktower is committed to aiding the development of affordable housing in the greater Chicago area and in the rest of the state of Illinois, providing IAHTC equity for projects across the Land of Lincoln. We work with experienced Tax Credit buyers, who, paired with Clocktower’s expertise in the IAHTC program’s nuances and closing process, have helped dozens of projects secure vital equity for construction of low-income developments. For any help and feedback on prospective low-income housing-based development opportunities in Illinois, please contact David Curtis at (978) 440-0742 or DCurtis@ClocktowerTC.com.