ROCHELLE, Ill., July 30, 2025 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, hosted a grand opening ceremony last week for Willis Senior Lofts, a 60-unit, four-story affordable housing community for adults aged 55 and over.

"We are proud to officially open Willis Senior Lofts and make these high-quality, affordable homes available to seniors in Rochelle," said Hume An, LAC Vice President and Regional Project Partner. "Investing in rural communities like Ogle County is a key pillar of LAC's mission to tackle the housing crisis by finding and implementing solutions in communities that need it most."

In addition to An, speakers at the ribbon-cutting included funding partners, community leaders and elected officials such as Congressman Darin LaHood, Rochelle Mayor John Bearrows and Thom Amdur, Executive Director of Fairview Housing Partners, an affordable housing nonprofit that partnered with LAC to help finance the development.

"Seniors in Rochelle deserve a beautiful community like Willis Senior Lofts," said Amdur. "We're so proud that we were able to partner to make this happen and hope to continue to serve our seniors for many years to come."

Willis Senior Lofts features a mix of one- and two-bedroom apartments and communal amenities including a fitness center, theater room and community garden. 45 of the building's 60 units will be leased to residents earning up to 60% of the area median income (AMI), with the remaining 15 units reserved for those earning up to 30% AMI. The building was designed to achieve Enterprise Green and Net-Zero certifications.

The project was financed with a 9 percent Low Income Housing Tax Credit (LIHTC), a first mortgage and $4.9 million in soft funds from the Illinois Housing Development Authority (IHDA) and 45L energy efficiency credit equity. CREA purchased both the LIHTC and 45L credits, and a construction loan was provided by Chase.

 "These deeply-affordable homes are made possible through a partnership with the Ogle County Housing Authority, which committed 15 budget-based vouchers over 15 years. It's about how we can serve those most in need without compromising the project's financial viability," An added.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization with a presence in 28 states and a portfolio of 170+ properties comprising 30,500+ units housing 80,000+ residents. 

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SOURCE Lincoln Avenue Communities