Senior housing waiting on tax credit approval

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By Tia Lynn Lecorchick staff writer

During a town hall meeting at St. Paul AME Church in Madison last Thursday, June 5, Madison Planning Director Monica Callahan informed residents about future developments for senior housing in the city of Madison, including an update on Parallel Housing’s Silver Lakes Senior Development. Callahan said that Parallel Housing, Inc., completed its application for the Low Income Housing Tax Credit Program (LIHTCP) and submitted the application for the tax credits on June 3. She said that, if Parallel Housing is granted the credits, then they will begin construction of the Silver Lakes development, which is designed to contain 44 units of single-bedroom and double-bedroom senior housing, in August 2015. She said that Parallel Housing should know if they received the credits by Christmas of 2014.

Callahan stated that the development would be “as nice as any market-rate development as you would find anywhere” and that the units will be “first-come, first-serve” for both Morgan County residents and residents of other areas. She said that the city will undertake “pre-advertising” for local citizens in order to assure that they have the earliest opportunity to sign up for the apartments. “We’re hoping our people will be able to take advantage of it first,” said Callahan. Callahan said that the units will be available for those who are 55 or older and whose income is 40 percent of the average income of Madison or lower. She made sure to point out that the Silver Lakes development “will not be the only affordable housing” to be developed in the area.

“It’s just the first egg,” said Callahan. Callahan said that there would be “no local money” and noted that the investment that Parallel Housing is putting into the development will be reflected in the tax base of the property. “This will be huge,” said Council Member Joe DiLetto about the Silver Lakes development.

“It’s going to be a safe environment for seniors,” said Madison Mayor Fred Perriman. Callahan said that the personal care/assisted living home to be developed at 150 Hancock Street, Madison, will be “another type of housing” for seniors in the area. She said that the facility will be able to provide a “wide range” of service options for 50 to 70 residents, with prices based on the services desired. Callahan said that the business will be “entirely private” and would provide a “full spectrum” of housing possibilities for those in need of assistance. Callahan also described the progress on the GIlmore House, stating that construction on the first floor, which will contain a community room, two “incubator offices,” and the Harvest of the Heart cannery, is currently underway. She said that she expects the cannery to be complete by the end of June, and that the second floor of the building will be developed into three affordable housing units this fall.

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