A Penny for Your Thoughts on Senior Living
As parents grow older and their need for support increases, their children are oftentimes in charge of evaluating available care options. Some of these options may include Independent Living Facilities, Assisted Living Facilities (ALF), and Nursing Homes. Assisted Living Facilities can be expensive, and don’t always offer the level of independence desired. However, the development of One Penny Place Senior Apartments changed the landscape of assisted living and residential care as Wisconsin’s first affordable, independent Assisted Senior Living and Residential Care Apartment Complex (RCAC).
In 2002, One Penny Place opened its doors as a licensed ALF in Woodruff, a small town in Oneida County. The facility targeted moderate- to low-income families and became the first ALF to offer affordable housing by utilizing Federal Housing Tax Credits administered by WHEDA. While One Penny Place is no longer an ALF, they are still dedicated to housing individuals aged 55 and older.
The facility is managed by Premier Real Estate Management, LLC and operates in accordance with the Housing for Older Persons provisions of the Fair Housing Act. Residents have the choice between a wheelchair accessible one- or two-bedroom apartment where monthly rent ranges from $410 to $1,035 depending on their level of income. Some pets, such as cats and dogs, are allowed to live at the facility with their owners. Amenities include optional parking, a beauty salon, fitness center, library, business center, club house, as well as a BBQ and picnic area. It’s located near restaurants, shopping centers, and malls.
WHEDA’s mission to provide affordable housing for the underserved aligns perfectly with projects like One Penny Place. Federal Housing Tax Credits in excess of $410,000 supported the 51-unit multifamily development. One Penny Place is a model for future developments across the state. WHEDA continues to show support for older persons by serving Wisconsin communities with similar projects like Garden Place and Home Harbor.
Photo credit to Kim Domini, Property Manager of One Penny Place Senior Apartments.