News Story

Turnstone Development Corporation’s Richton Park Apartments Closes

The NEF-syndicated Richton Park Apartments development will be a newly constructed 55-unit, five-story elevator building targeting people 55 or older. The building will be in the downtown corridor of Richton Park, a southern suburb about 35 miles from downtown Chicago. The site provides access to local and regional amenities thanks to its location near the Richton Park town center, along the Sauk Trail, and within walking distance of Richton Park Metra station. The apartments will include 49 one- and six two-bedroom units. Of the 55 homes, 11 will be targeted to households with incomes at or below 30 percent of the Area Median Income (AMI), 12 at 50 percent, and the remaining 32 at 60 percent AMI. Three units will be set aside for individuals referred through the State Referral Network. These residents will receive appropriate services from their case managers through their lead referral agencies.

National Equity Fund invested $14.4 million of LIHTC equity in the development, its fifth partnership with sponsor, Turnstone Development Corporation. Turnstone creates and preserves affordable housing for low-income families and seniors in Illinois and Florida and has developed more than 1,800 affordable homes since 1998.