Warren Buffett Investing in Local Homes

Buffett's company is a main investor in a 125-unit senior housing center in south suburban Lansing

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    FILE - In this Nov. 21, 2011 file photo, U.S. billionaire investor Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks during a news conference in Iwaki city. Japan. Buffett wants Berkshire Hathaway shareholders to know that the company has someone in mind to replace him eventually, but he's emphasizing that he has no plans to leave. (AP Photo/Shuji Kajiyama, File)

    Billionaire Warren Buffett is pouring money into Illinois homes.

    Buffett's company, Berkshire Hathaway Inc., is a main investor in St. Anthony Supportive Living Facility, a 125-unit senior housing center in south suburban Lansing, according to the Chicago Sun-Times.

    The nearly $29 million project, to be located at Lorenz Avenue and Spring Lake Drive, will house lower-income residents.

    The Sun-Times reports the Illinois Finance Authority this week agreed to issue about $18 million in tax-exempt bonds to support the project.

    Affordable Housing Partners, a subsidiary of Buffett's Berkshire, will invest $5.4 million in equity, according to the paper.