NEF and Turnstone Development Complete 42-Unit Affordable Senior Housing Community in Hillside, IL
National Equity Fund (National Equity Fund) and Turnstone Development have completed Hillside Senior Apartments, a 42-unit affordable housing community for residents age 55 and older in Hillside, Illinois, the organizations announced July 30, 2026.
The five-story, fully accessible building delivers 34 one-bedroom and 8 two-bedroom homes, with income targeting spread across three affordability tiers: 7 units at 30% of Area Median Income (AMI), 16 units at 50% AMI, and 19 units at 60% AMI. The income mix aligns with federal Low-Income Housing Tax Credit (LIHTC) targeting, with NEF serving as the equity partner in a structure consistent with LIHTC syndication.
Project Details and Amenities
Hillside Senior Apartments is located in Hillside, a near-west suburban community in Cook County. The development includes a community room with a kitchen, an outdoor terrace, a tenant lounge with internet access, an exercise room, central laundry, and indoor bicycle storage. New sidewalk connections link the property to the Village of Hillside's existing infrastructure, supporting pedestrian access to surrounding neighborhood services.
The amenity package reflects contemporary standards for affordable senior multifamily development, designed to support aging in place and reduce social isolation — factors that public housing agencies have increasingly weighted in LIHTC underwriting for senior projects.
A Deepening NEF–Turnstone Partnership
Hillside Senior Apartments represents the seventh development on which Turnstone Development and NEF have collaborated, according to NEF. Turnstone is a nonprofit organization focused on creating and preserving affordable housing for individuals and families in need.
The repeat relationship reflects a broader dynamic in the LIHTC equity market, where syndicators like NEF work with vetted, mission-driven nonprofit sponsors across multiple transactions. Seven joint developments indicate that Turnstone carries the operating scale and institutional capacity that equity investors typically require in affordable housing deals.
Market Context: Affordable Senior Housing Demand
The project arrives as demand for age-restricted affordable housing continues to outpace new supply in many markets. The national rental vacancy rate stood at 7.3% in the first quarter of 2026, while vacancy in Class B and C apartments — the segment most comparable to affordable rental stock — has tightened from 4.3% to 3.2% over the past three years. For income-restricted senior assets, those dynamics typically translate to faster lease-up and stable long-term occupancy once a property stabilizes.
Cook County's senior renter population faces rising rent burdens, particularly among households on fixed incomes who require elevator-served, accessible units near transit and medical services. The 30% AMI tier at Hillside Senior Apartments addresses the deepest end of that need, a level of affordability that generally requires layered public subsidy beyond LIHTC equity alone. Specific capital stack figures were not included in the announcement.
The 2026 completion also coincides with a period in which post-pandemic federal housing funds remain in active deployment, and senior affordable housing has maintained broad policy support — factors that have sustained investor appetite for LIHTC equity in this asset class.
About the Organizations
National Equity Fund is a nonprofit LIHTC syndicator and equity investor in affordable housing developments across the United States. Turnstone Development is a nonprofit affordable housing developer committed to expanding housing access for individuals and families in need. The two organizations have now partnered on seven developments, with Hillside Senior Apartments marking their most recent completed project.
"Through partnerships like this, NEF continues to support the development of quality, accessible, and affordable homes that help seniors and communities thrive," NEF stated in its announcement.
Sources
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