'The Residences' of Lake in the Hills Celebrates Grand Opening

Lake in the Hills' first housing development directed to seniors will celebrate its grand opening on Monday.

"The Residences" of Lake in the Hills was completed last year at 2601 Village Hall Dr. across from the Lake in the Hills Village Hall. The first tenants moved into The Residences in March 2012, when about 50 percent of the 92 units had been leased. 

Representatives from the development will hold a formal grand opening ceremony at 9:30 a.m. on Monday, Aug. 5, according to a news release. 

Illinois Housing Development Authority (IHDA) Executive Director Mary R. Kenney will join public-private partners to celebrate the opening of the village’s first senior development of its kind. 

The Residences, for people age 55 and over, features 10 studio, 62 one-bedroom and 20 two-bedroom units offering affordable rents for seniors aged 55 and older, according to the news release. Amenities include a computer room and library business center, fitness center, on-site laundry facilities, patio, conference room and TV lounge with a large-screen high-definition television.

On behalf of Governor Pat Quinn, IHDA provided federal housing tax credits that generated $16 million in private equity, and $2 million in low-interest loans to build the development, located conveniently near the village hall so residents can access village-sponsored senior programs, activities and services, the release states.

The Illinois Department of Commerce and Economic Opportunity (DCEO) also provided a $300,000 grant to make the complex energy-efficient. Approximately 140 jobs were created to help the local economy, the release states.