Innovative Collaboration Helps Bring Affordable Living to Illinois Seniors

CHICAGO, April 22 /PRNewswire-FirstCall/ -- At a time when the demand for affordable housing is greater than ever, Harris has utilized innovative financial solutions to assist borrowers like Alden to spur the development of affordable housing. More than a year after breaking ground, Alden Gardens of Bloomingdale -- an affordable, supportive living community for seniors -- will host Harris, the Illinois Housing Development Authority (IHDA), National Equity Fund, other project participants and local elected officials for an official ribbon-cutting ceremony today.

Alden Gardens of Bloomingdale offers housing and services for individuals 65 and older who are in need of an affordable, assisted lifestyle through Illinois' Supportive Living Program administered by the Department of Healthcare and Family Services. To help Alden fill a possible financing gap created by state budget shortfalls, Harris worked with the IHDA to provide a line of credit secured by Medicaid receivables. According to the IHDA and the Affordable Assisted Living Coalition, this is the first time this structure has been used in conjunction with Illinois' Supportive Living Program.

"In our current economy, we know we need to be flexible and willing to help structure one-of-a-kind financial arrangements," said Katherine Mazzocco, vice president of Community Development, Harris. Harris also provided more traditional financing arrangements, such as credit enhancement for $10.7 million in tax exempt bonds, bond underwriting and remarketing, an interest rate swap, and bond investment.

Other key participants included the IHDA, the National Equity Fund, DuPage County's Community Development Commission, Federal Home Loan Bank of Chicago, and Enterprise Community Partners, Inc. "IHDA is proud to have invested more than $13.2 million in tax exempt bonds, interest-free loans and tax credits to help leverage financing for this project," said Gloria L. Materre, Executive Director, IHDA.

According to the AARP and the U.S. Census Bureau, 20 percent of Americans will be over age 65 by 2030, causing an increase in demand for affordable supportive housing. "This project is an example of the public and private sectors -- a developer, a government agency, a financial institution -- coming together to pioneer a financial structure that will provide a beautiful, affordable home for more than 80 seniors," Mazzocco added.

"With 76 million Baby Boomers entering retirement over the next few years, the need for reasonably-priced senior housing is skyrocketing -- and our current economy has only exacerbated this need," said Beth Demes, executive director, Alden Foundation. "It's been a pleasure to work with our partners on this project, and we are welcoming residents to the new facility."

To date, Alden Gardens has leased more than 50 apartments. Construction on the multi-million dollar project was completed in January. Amenities include housekeeping and laundry services, three meals per day, personal assistance with daily activities, and medication reminders.

About Harris

Harris is an integrated financial service organization providing more than 1.2 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name.

Harris® is a trade name used by various financial service subsidiaries of Harris Financial Corp.  Banking products and services are provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates, Members FDIC.  Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment adviser.  Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCM), a registered broker dealer and member NYSE, FINRA and SIPC.  HIS, HBIS and BMOCM are affiliated companies and are wholly owned subsidiaries of Harris Financial Corp.  Products offered by HIS, HBIS and BMOCM are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value.  The purchase of insurance or an annuity is not a condition to any bank loan or service.  Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc., an SEC registered investment adviser.  Family Office Services are provided by Harris myCFO, Inc.  Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC, a SEC-registered investment adviser and wholly-owned subsidiary of Harris myCFO, Inc. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM), a SEC-registered investment adviser.   Not all products and services are offered in every state and/or location.

SOURCE Harris Bank