Walden_Oaks

Walden Oaks

Walden Oaks is a 192-unit rental community located 60 miles northwest of Chicago in Woodstock, Illinois. The mixed-income development includes 150 units that receive project-based Section 8 assistance, as well as 42 market-rate units. One hundred twenty-five of the units are reserved for elderly tenants. When the owners had plans to sell the development, a move which would likely have resulted in the conversion of the affordable units to market-rate homes, the nonprofit Hispanic Housing Development Corporation (HHDC) received assistance from a variety of sources, including the Federal Home Loan Bank Affordable Housing Program, LISC, and the Illinois Affordable Housing Trust Fund, to buy the apartments. HHDC renewed the Section 8 contract, preserving the affordable units through at least 2055.

Location:	Woodstock, IL
Region:	Midwest
Renter/Owner:	Renter Only
Number of Units:	192
Target Population:	150 units affordable to households with 50 percent of AMI, 42 units market-rate, 125 units reserved for seniors
Type:	Urban
Credits:	Courtesy of Hispanic Housing Corporation
Enabling Policies:	Create or Expand Dedicated Housing Trust Funds Preserve Affordable Rental Homes