Congratulations MCC Development and Iceberg Development for obtaining the 2018 IFA Tax Credit Award for their proposed Oak Park Muscatine Senior Living facility. The credit was awarded to the development teams on March 14, 2018 at the Iowa Finance Authority Board Meeting. This development is looking to provide much needed housing with affordable rent to seniors in their community. The location was chosen in the ideal locale for each of their future residents to be close to highways, shops, healthcare, employment and community services.
Oak Park Muscatine Senior Living will be available for seniors aged 55 and older who have an income up to 60% of the area median income (AMI). Nearly 50,000 square feet will be dedicated for this housing development, this will house 48 two-bedroom units and communal areas for the residents. The communal areas will include laundry facilities, fitness center and a library. The development also will incorporate storage units, back racks and outdoor space with a picnic area.
MCC and Iceberg have worked on several projects with Lightengale Group constructing affordable housing spanning many communities. As for the Muscatine Senior Living Facility, Lightengale Group took the lead on the financial consultation. They assisted in securing the 9% LIHTC awarded from the Iowa Finance Authority which summed over $750,000 in funding. Additionally, LGG helped in securing the other 12 Project Based Vouchers awarded for the project.
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.