Lightengale Group is Proud to Announce the Closing of Hershey Tower Senior Village!

Lightengale Group is proud to announce the Closing of Hershey Tower Senior Village. Developer, ampoule Christian County Community Services (CCICS) was able to close on the major preservation and rehabilitation of two public housing properties located in Taylorville, Illinois. CCICS, an Illinois 501(c)(3) organization, was formed by the Housing Authority of Christian County to address the changing environment in public housing funding. CCICS is now a separate entity from the Housing Authority and its mission is to set the standard for excellence in providing affordable, decent, safe, and sanitary housing to people who experience barriers to housing because of income, disability, or special needs.  The project will be rehabbed to have 139 units in total with 5 of them being two-bedroom and 134 one-bedroom units. The units are aimed for households who are at 30%, 50%, and 60% AMI.

The buildings will have upgraded amenity features such as security cameras at all building entrances to enhance community safety. They will have communal space for social events, including a community room, library, and an outdoor patio. On-site laundry facilities, property management office and parking spaces will be available at both locations. Units will be equipped with energy star stoves and refrigerators, and individually controlled electric HVAC systems.

The project is being financed with an allocation of low income housing tax credits (LIHTC) from IHDA, tax credit syndication by the National Equity Fund (NEF), a donation of cash and buildings from the Housing Authority of Christian County, the Illinois State donation tax credits purchased by U.S. Bank, a construction loan from Town and Country Bank, and an AHP grant from the Federal Home Loan Bank of Chicago through the People’s National Bank.  The project is also utilizing HUD’s Rental Assistance Demonstration (RAD) program.

“LGG did an exceptional job leading the project from start to finish.  LGG demonstrated superb communication and kept everyone informed in all aspects of the development, including the developer, investor, lenders, architect, engineers and contractor.  I would highly recommend LGG to anyone looking to redevelop existing properties or to do new construction,” said Jeff Copley, Executive Director of Christian County Integrated Community Services

Lightengale Group assisted CCICS by securing multiple financing awards.  Lightengale secured an IHDA LIHTC award, an IHDA donation credit award, a Federal Home Loan Bank of Chicago grant, and the RAD program approval.  Lightengale negotiated terms of the equity syndication and construction loan, and managed the closing processes with IHDA, NEF, and HUD.  Lightengale also procured experienced professionals for the project’s marketing, environmental, appraisal, physical need assessments, and relocation services.