Groundbreaking at 206 Chicago Ave. in Oak Park!
Congratulations to New Moms, Inc. (NMI) which has started construction on their newest development; New Moms Oak Park. The newest building will provide permanent supportive housing to homeless parents and children, as well as a service center for NMI to continue to transform the lives of these individuals.
“The new facility will allow us to expand our housing program to support more homeless families to have a safe, permanent home, as well as increase our office and program space to serve more community members. This expansion builds on our mission and will be a tremendous asset to the Oak Park community. We are delighted to be partnering with Lightengale Group on this development – their guidance and support allows the building project to be manageable while we continue to focus on meeting our mission.”
Laura Zumdahl – President and CEO of New Moms Inc
New Moms, Inc. was created 30 years ago and during that time has assisted in providing housing, job training, and family support for those who come to them for help. This development will provide an additional 18 units of housing for these families. A mixture of 1 and 2 bedroom apartments will sit above the new office space on the 2nd through 4th floors. The new development will provide an entrance for residents that is separate from the store front area, playrooms for the children, and laundry facilities. The children living in the housing will also be able to attend the excellent public schools that are located in the area.
This is the second project that Lightengale Group (LGG) and New Moms Inc. have worked on together with Lightengale Group as the financial consultant for the project. LGG was able to secure the project financing, including funds from the Illinois Housing Development Authority (IHDA), a private first mortgage from IFF, project based rental assistance through the Regional Housing Initiative and an Federal Home Loan Bank AHP grant.
Thank you to all the team members which have supported this project; general contractor McShane Construction, McBride Kelley Baurer Architects/Planners, the Regional Housing Initiative and funders IHDA, FHLB and IFF.
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.