Construction has begun on the Lawson Montgomery Homes Rehabilitation! The project closed September 6, 2018, and the construction started the following day. The project is located at 208 Lawson Dr. Eatonton, GA and is comprised of 114 units that previously went through a Rental Assistance Demonstration (RAD) conversion in August of 2014. The 48 single story brick buildings are composed of 1, 2, 3 and 4-bedroom apartments, and the developments include both a management office and community room.
The Housing Authority of the City of Eatonton (EHA), Bear Development, Construction Management Associates (CMA) and Lightengale Group (LGG) have partnered to rehabilitate these 114 units on the Lawson and Montgomery sites (LM Homes) which sit .25 miles from one another. Each unit has direct access and has two to five units within each building.
The rehabilitation of the LM Homes will be done to update the exterior as well as the interior of the units to make them more aesthetically pleasing and practical for the next 20+ years. 23 of these units will be renovated to meet the Federal Home Loan Bank of Chicago’s “visitable requirements” which will include: at minimum 1-zero-step entrance that has an accessible route from a driveway, parking lot, or street/sidewalk, doorways that are 32” clear throughout the entire floor plan, and essential access to at least 1 half bath. These units will additionally include external gathering places for the residences as well.
Since the initial construction of the homes in 1952 and the additional units built in 1964, LM Homes have provided affordable housing to the residents in their communities. More than half of the residents are below the 30% area median income (AMI) and the units are at nearly full capacity each year.
This is the first project that Lightengale Group (LGG) has worked on in Georgia and the first deal that had a previous RAD conversion before the rehabilitation. LGG secured funding from tax exempt bonds, 4% federal and state low-income housing tax credits, US Bank–Tax Credit Investor, FHLB Chicago AHP grant, EHA funds, and a seller note (EHA).
Congratulations to LM Homes!
About Lightengale Group
Lightengale Group (LGG) is an affordable housing real estate financial advisory firm offering services to experienced and non-experienced developers nationally. LGG provides strategic & financial planning for developers by tracking evolving government regulations and funding requirements. With over 100 years combined experience and more than 4,000 units completed, LGG is the industry’s preferred advisory leader.