Lake Forest and Lake Bluff officials hope a newly formed partnership will help ease the increasing demand for affordable senior housing in both communities.
City officials have launched a comprehensive housing program, involving local governments, banks and a social service agency, to provide financial aid to moderate- and low-income senior residents.
“I’m pleased that so many individual groups have come together to help more seniors stay and continue to live in Lake Forest and Lake Bluff,” said Mayor Ron Waud of Lake Forest. “This is a major step forward, but we will continue to evaluate the progress and make sure we are successfully addressing the need.”
Under the program, Presbyterian Homes, an Evanston-based not-for-profit group that helps older adults find and maintain housing, will subsidize rent, for qualified seniors, of up to $300 a month.
To be eligible for this part of the program, applicants must have lived in Lake Forest or Lake Bluff for at least two years and meet age and income requirements.
Presbyterian Homes entered into a five-year commitment, giving $50,000 each year to subsidize rent in both communities. In August, it also plans to open Lake Forest Place, the newest retirement village on the campus of Lake Forest Hospital.
Meanwhile, the Lake Forest City Council is offering its own assistance, setting aside up to $50,000 in its 1999 budget for senior housing assistance.
“We knew there was a need and has been a special need in these two communities for some time,” said Peter Mulvey, president and CEO of Presbyterian Homes.
Another part of the program provides an alternative for homeowners. Six local banks–First Midwest Bank, First National Bank of Chicago, Harris Bank, Johnson Bank Illinois, Lake Forest Bank and Trust and Northern Trust Bank–agreed to work with senior homeowners who may need to tap the equity in their homes for additional cash.
“What we wanted to accomplish through this partnership is just remind the community we are here still doing the work we have always done . . . offering another alternative to those in need,” said Stephen Butzlaff, vice president of Northern Trust Bank Lake Forest and spokesman for the banks.
Joyce Foster, Lake Forest/Lake Bluff Senior Center director, said affordable apartments have dwindled over the years, “leaving many seniors forced to make difficult choices.”
“The great thing about this program is that it gives both renters and homeowners options,” she said.
“We have always known there was a need. For about 10 years, we have closely watched the need increase. With 14 percent of Lake Forest and 20 percent of Lake Bluff’s population considered to be seniors, this will be a great help.”
Both local governments are considering ways to lessen the burden on seniors with slightly lower tax rates and finding additional funds to help with rent subsidies.
