Tiger Senior Apartments
Location: Paris, Illinois
Project Description & Impact: rehabilitation of old Paris High School into 42 senior affordable apartments
Client: Laborer’s Home Development Corp.
Financing Tools Used: Federal and Illinois State Historic Credits, LIHTC syndication proceeds, construction loan and IHDA soft funds and donation tax credit proceeds
The Story Behind this Project
Laborer’s Home Development Corporation has begun the rehabilitation of the old Paris High School into senior affordable apartments to create 42 dwelling units. The historic appearance of the exterior of the building will be maintained and enhanced while classrooms on the inside will be converted into dwelling units and common spaces. The project utilized Illinois State Historic Credits, which were only recently approved by the State of Illinois. This project was one of the first to receive approval for these credits. LHDC also obtained LIHTC syndication proceeds, construction loan financing from Horizon Bank, IHDA soft funds and donation tax credit proceeds to finance the rehabilitation of the project.