Oswego OKs Orchard Rd. senior apartments

A second three-story apartment building for senior citizens will be constructed off Orchard Road in Oswego as a result of action taken this past week by the village board.

Village President Brian LeClercq cast the tie-breaking vote on the motion to approve the preliminary and final development plans for the second phase of the Diamond Senior Apartment project along the south side of Lewis Street, just east of Orchard Road.

Board members Gail Johnson, Judy Sollinger and Pam Parr cast ballots in favor of the plans, while board members Tony Giles, Terry Michels and Scott Volpe cast the negative votes.

Oswego Senior Apartments LP (limited partnership) is the project developer.

According to information presented to the board by Rod Zenner, the village's community development director, the 63 unit apartment building will be constructed on a 2.76 acre parcel immediately south of the existing 60 unit apartment building constructed as part of the project's first phase three years ago.

Like the existing building, the new apartment building will be clad in three toned bricked and siding and have a gable roof. The building will have a total of 65,809 square feet and include 50 one-bedroom apartments and 13 two-bedroom apartments.

A parking lot with 93 spaces will be located immediately west and north of the building, according to project plans.

Dan Kramer, a Yorkville attorney representing the developers, said the building has an estimated construction cost of $15 million.

As with the existing building, the developers are seeking federal tax credit financing for the project through the Illinois Housing Development Authority (IHDA), the state's housing finance agency. This financing method serves to reduce the debt that developers have to borrow. As a result of the lower debt, the developers can offer lower rents to qualified tenants. Developments, financed with tax credits, serve households earning 60 percent or less of the area median income. However, rents are restricted so they don't exceed 30 percent of household income, according to the IHDA.

Kramer said his clients are currently seeking IHDA financing for the second building.

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Oswego OKs Orchard Rd. senior apartments