Maple Ridge Apartments
Location: Paris, Illinois
Closing Date: February 5, 2021
Project Description & Impact: 92 affordable rental homes (in 35 buildings) for working families. The apartments were built in two phases with 50 apartments in 16 buildings in Phase I and 42 apartments in 19 building in Phase II.
Client: Laborers Home Development Corporation
Financing Tools Used: Low Income Housing Tax Credit private equity, TCAP, 1602 funds, HOME, IHDA Trust Fund, City of Paris dollars, AHP from the Federal Home Loan Bank of Chicago, etc.
The Story Behind this Project
Paris, Illinois is home to good, hard-working people. But when three local companies’ workforces could not find enough decent, affordable housing in Paris, they considered moving over the border to Indiana. Mayor Craig Smith of Paris, IL credits Laborers Home Development Corporation (LHDC) and the Maple Ridge Apartment as the solution to his community’s dilemma. LHDC is an affiliate of the Laborer’s International Union of North America, Midwest Region, and is a private, not for profit developer of quality, affordable housing in under-served communities. LHDC has been in existence since 1972. Laborers Home not only develops, owns and operates high-quality housing for seniors and working families, it also creates jobs in construction for members of the Laborers Union and other branches of organized labor and generates new jobs and investments in communities throughout Illinois and the Midwest.
Thanks to Laborers and the development of Maple Ridge Apartments, those three companies stayed in Paris and expanded–keeping and creating jobs in Illinois! Laborers Home always builds great housing for working people, which means jobs and investments for the towns in which they build, but in Paris, affordable homes building by Paris was THE reason that three local companies decided to stay in Illinois.
