Illinois Treasurer Patrick Quinn announced Monday that his office has authorized using $100,000 in state funds to help the Wheaton-based Alliance for the Mentally Ill finance a Glen Ellyn group home for mentally ill adults.
Quinn spokeswoman Marj Halperin said the state’s participation helped the alliance secure a lower interest rate.
“Our deposit gave the bank the liquidity that enabled them to give these favorable terms,” Halperin said.
The money has been deposited in 1st Oak Brook Bank. Halperin said the alliance has secured a 7.5 percent interest rate for the first three years.
Earlier this year, the Du Page County Board authorized payment of more than $100,000 to help the group buy what had been a private residence, despite opposition from nearby residents.
The home, which will be managed by the Du Page County Mental Health Department, is the first to be bought by the 7-year-old watchdog group. It will house up to eight adults.
