Rolling Meadows' senior housing program gets rolling

If you're at least 55 years old and looking to shed that single-family home for a low-maintenance condo, then a new program in Rolling Meadows could be for you.

A senior subsidy program announced three years ago finally is taking shape, offering seniors a shot at $30,000 from the city to live in a new downtown development.

The money would be shaved off the price of 30 one- and two-bedroom units at the new Riverwalk Condominiums, 3457 Kirchoff Road. After the write-down, a one-bedroom condo would cost $184,000, and a two-bedroom would be $214,000.

There are at least 10 units available now. The remaining 20 condos are in a building that will be finished in late 2008 or early 2009.

Rolling Meadows is tapping into $900,000 in a fund using proceeds from its tax-increment financing district.

"I'm very pleased to see this finally get rolling," Mayor Ken Nelson said. "It's been a long haul."

Applications for the program are available at the city's office of community development.

Since the city set up the fund using its own money, it is allowed to give preferential treatment to Rolling Meadows residents who meet the qualifications.

Applicants must make no more than $52,800 a year for a one-person household, or $60,300 for two people.

Those who make less than these minimum requirements would be given priority. People who are 62 years old or older also would be given a higher preference.

A nonprofit group based in Wilmette will manage the program. Mary Ellen Tamasy, executive director of the Housing Opportunity Development Corp., said seniors could move into two-bedroom units within 30 days from the time they are accepted.

An informational meeting will be held at 7 p.m. Oct. 18 in room 228 of city hall, 3600 Kirchoff Road. A second meeting will be held at 11 a.m. Oct. 20 at city hall.

Other workshops will be held in November.

When a resident decides to sell the unit, there are limits. The Housing Opportunity Development Corp. manages the sale.

The sales price will be based on the current market conditions and set by the homeowner, but the seller can get no more than 5 percent of the market appreciation. The balance above that will go to the city to help other people buy condos at Riverwalk.

For more information, contact Tamasy at (847) 251-7052, or visit the city's Web site, www.cityrm.org.