Affordable housing complex for seniors opens in Mount Prospect

An affordable housing development in Mount Prospect for seniors held its grand opening Thursday.

The four-story, 54,106-square-foot Prospect Senior Lofts offers 53 units — 41 one-bedroom and 12 two-bedroom units — at 2040 W. Algonquin Road. Residents are 55 and older making between 30% and 60% of area median income.

Ohio-based Pivotal Housing Partners is the developer. Pivotal’s website said a one-bedroom, 726-square-foot apartment with one bathroom can be rented for as little as $1,172.

Wyllys Mann, Pivotal’s Upper Midwest senior vice president of development, said the company specializes in tax credit development. He said the project cost approximately $18.5 million to build.

“Our mission is to inspire catalytic change through quality affordable housing,” he added.

The units are designed for independent living for residents who are still taking care of themselves, able to get around the area and in many cases still working.

Mount Prospect Community Development Director Jason Shallcross said the project is expected to generate $42,000 in property taxes annually to the various taxing districts.

The building stands on property nestled in an area of multifamily housing near Algonquin Road and Dempster Street.

“I couldn't be happier to have this project right here, where there was a void of senior housing in this area,” said Mayor Paul Hoefert said.

Hoefert said about 30% of the village’s housing stock is affordable by federal guidelines.

“It's always great to have an abundance of affordable housing, so that you get a spectrum of people living in your community,” he said.

Human Services Director Julie Kane noted the apartment complex is close to the village’s Community Connections Center at 1711 W. Algonquin Road.

“So they'll be able to access all of our department’s services,” she said. “Any service that any other older adult in Mount Prospect would be eligible for they'll be able to access as well right across the street.”