Affordable housing community for seniors opens in Addison

The Alden Foundation and Bank of America cut the ribbon last week on a new affordable housing community for seniors in Addison.

Addison Horizon, 500 N. Denise Court is a 62-unit development offering high-quality, energy-efficient homes for residents ages 62 and older. Developed by the Alden Foundation, Addison Horizon has reserved 92% of its apartments for affordable housing, with rents targeted to residents earning between 30% and 60% of the area median income.

Ten units will be dedicated to older adults with disabilities or chronic illness through the Illinois Statewide Referral Network.

Situated on a 2.5-acre site north of Lake Street and west of Addison Road, the three-story, all-electric building features modern amenities such as a wellness center, community room, media room, library, and interior courtyard, creating a vibrant and accessible environment that supports aging in place, according to a news release.

The building also received the Enterprise Green Communities Plus certification.

Financing for the development was made possible through a mix of public and private investment, led by Bank of America Community Development Banking with support from DuPage County and the Illinois Housing Development Authority. Bank of America provided a $13 million construction loan and a $13.9 million investment through the federal Low-Income Housing Tax Credit program.

Addison Horizon is the second collaboration between the Alden Foundation and Bank of America Community Development Banking, following the completion of Warrenville Horizon Senior Living in 2020.

In 2024, Bank of America Community Development Banking provided $7.8 billion in debt and equity financing to help create and preserve 12,600 housing units for individuals, families, seniors, veterans, the formerly homeless and those with special needs.