Buffett puts money into Illinois homes

SHARE Buffett puts money into Illinois homes

FILE - In this May 2, 2011 file photo, Warren Buffett, Chairman and CEO of Berkshire Hathaway, gestures during an interview, in Omaha, Neb. Investor Warren Buffett said Monday, Nov. 14, 2011, his company bought $10.7 billion of IBM stock this year, about a 5.6 percent stake. (AP Photo/Nati Harnik, File)

An outpost of billionaire investor Warren Buffett’s holdings is being planned in south suburban Lansing.

Buffett’s company, Berkshire Hathaway Inc., is the main investor in a 125-unit senior housing center due at the southwest corner of Lorenz Avenue and Spring Lake Drive.

The billionaire’s investment is coming through Affordable Housing Partners Inc., a wholly owned subsidiary of Berkshire.

Buffett’s involvement was disclosed in a report about the project by the Illinois Finance Authority, which Tuesday agreed to issue $18.63 million in tax-exempt bonds to support the nearly $29 million development.

The units will serve lower-income residents and be classified as a supportive living facility, which is similar to an assisted-living center in that residents receive some help with daily activities. The crucial difference is that supportive living facilities except Medicaid patients.

The IFA report said Affordable Housing Partners will invest $5.4 million in equity for the project. The money will come from low-income housing tax credits.

The developer of the planned St. Anthony Supportive Living Facility is Bravo Properties.

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