3 Diamond Development recently closed on its proposed new construction senior development. The building will be located in Iowa City, malady Iowa and provide 40 units of affordable housing. The units are designed to support seniors aged 55 and older, with options of one or two-bedroom units.
The 3 story, elevator building will provide a fitness room, multi-purpose room, lounge, and library available to all residents. There will also be a parking lot with 45 spaces. Units will be affordable for seniors with income levels between 30% – 60% AMI and 4 units will be unrestricted.
3 Diamond Development was awarded tax credits from Iowa Finance Authority in 2016. Lightengale Group worked with 3 Diamond Development to submit the awarded application, and now they are on their way to start construction.
Lightengale prepared and submitted funding applications for the local housing trust fund, Iowa State’s workforce housing tax credit program, and the City of Iowa City. Lightengale’s involvement also included procuring proposals and finalizing terms for the project’s LIHTC syndication, construction loan, and permanent loan.
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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 75 years of combined experience and more than 4,000 units completed, LGG is the industry’s preferred advisory leader.