Chicago Novice Working Magic to Complete Failed Development
By Caitlin Jones
2 min read
Tax Credit Advisor ““ October 2010 ““ In Bolingbrook, Ill., a suburban village of nearly 72,000 southwest of Chicago, novice developer Jim Kiley is resuscitating a failed housing project as affordable housing, in a collaborative effort funded by federal low-income housing tax credits, Neighborhood Stabilization Program dollars, and other resources. McKenzie Falls, a 16-building development containing 105 affordable apartments for seniors, one manager’s apartment, and a clubhouse, will be completed in 2011, more than five years after the earlier project ground to a halt. “We had a lot of people who cared about getting this done,” says Chicagoan Kiley, of Kiley Capital, praising among others the state housing finance agency, consultant Mary Somrak Arey, and village Mayor Roger Claar. “If it wasn’t for the mayor,” says Kiley, “this never would have happened. He reached out to all kinds of other public officials to help us along.” Jim Kiley’s name is probably familiar to many folks in the affordable housing industry. From 1983 to 1988 he was Director of the Illinois Housing Development Authority (IHDA), the state housing finance agency that allocates housing tax credits and issues housing bonds. After leaving, he became a businessman, in the investment and venture fields. A few years ago, he journeyed into real estate development. McKenzie Falls, in fact, is his first project. Read More…
