New Holland Apartments
This early-20th century apartment building in east central Illinois was designed in a Dutch Revival Style using red brick, roof dormers and stepped gables. By the time the property was listed on the National Register in 1988, however, it had suffered from deferred maintenance and was plagued by criminal activity. The building was eventually abandoned and the absentee owner declared bankruptcy. A local nonprofit developer who had long admired the building’s architecture purchased the property in 2000, restored the building to its historic appearance, and added it to his portfolio of successful affordable housing complexes. In addition to federal tax credits and housing grants, a portion of the $7 million restoration was funded through environmental grants for LEED-certified projects. A new geothermal system is expected to reduce utility costs for the 46 units by as much as 50%. Affordable Housing Finance magazine recently listed the project among its Readers’ Choice Awards for the Nation’s Best Affordable Housing Developments.