Eight Local Projects from Lightengale Group Clients Secure $5.4M of Just-Announced Federal Home Loan Bank of Chicago Affordable Housing Program Grants
Projects receiving Affordable Housing Program (AHP) awards include Wisdom Village of Oak Street, Natalie Salmon House, Prairie Meadows Phase II, LaGrange PSH, Diamond Senior Apartments of Princeton, Hall Street Lofts, Fox Run Villas, and Hershey Tower / Senior Village.[12/17/2015 – Chicago, IL]
The Federal Home Loan Bank of Chicago has announced the most recent round of awards through its competitive Affordable Housing Program, and the list includes eight Chicago-area/ Illinois projects that were assisted by Lightengale Group throughout the application and financing process. Lightengale Group congratulates the following developers on their success, hard work, and perseverance in making these remarkable projects happen:
Wisdom Village of Oak Street from developer Turnstone Development Corporation is located in Chicago’s Gold Coast neighborhood. This project earned an $850,000 AHP subsidy for acquisition and development of 100 new construction senior units in a Midrise building.
Chicago’s Natalie Salmon House from developer Housing Opportunities & Maintenance for Elderly (HOME) is located in the Rogers Park neighborhood of Chicago. This project earned an $810,000 AHP subsidy for the rehabilitation and renovation of 54 units of rental housing earmarked for low-income seniors. HOME also provides a variety of additional services to its senior program members, including free moving and repair services, and a program that provides used furnishings.
Prairie Meadows Phase II from developer Illinois Community Action Development Corporation is located in Hoopeston, Illinois. This project earned a $450,000 AHP subsidy for the acquisition and new construction of 30 units of affordable rental housing projected for working families and seniors. Hoopeston city officials identified a need for more diverse and affordable housing options for the community.
LaGrange PSH from developer BEDS Plus Care is located in LaGrange, Illinois. This project earned a $300,000 AHP subsidy for the acquisition and new construction of 20 units of affordable rental housing set aside for individuals with a history of homelessness and/or disabilities. The new 3-story brick structure will host residential units on the second and third floors, and a variety of services from BEDS Plus on the first floor, including counseling and job training. The LaGrange location is an IHDA-designated Opportunity Area.
Diamond Senior Apartments of Princeton is located in Princeton and is developed by 3 Diamond Development in partnership with Peoria Opportunities Foundation. A $600,000 AHP subsidy will help fund the new construction of 40 units of affordable rental housing set aside for seniors. Units are designed with a desirable list of amenities, including in-unit washer and dryer, microwave oven, and dishwasher, along with a community building.
Hall Street Lofts from developers Trinity Services Inc. and Cottage Hill Development LLC is located in Sandwich, Illinois. This project earned a $448,000 AHP subsidy for the acquisition and new construction of 28 units of affordable rental housing, including six units set aside for those with special needs. Sandwich is an IHDA-designated Opportunity Area.
Fox Run Villas is veteran developer RCH Development’s first project in Illinois. The AHP subsidy of $630,000 will help fill the funding gap in this 42-unit new construction development for seniors 55 and older, to be located in Columbia, Illinois. This project helps to meet the goals of the City of Columbia, which include helping to keep seniors in the community by increasing the affordable housing options.
Hershey Towers & Senior Village, from developer Christian County Integrated Community Services, is located in Taylorville, Illinois. An $850,000 AHP subsidy will help fund the acquisition and new construction of 139 units of housing set aside for elderly residents. Several units will also be made accessible for disabled individuals.
“We appreciate the Federal Home Loan Bank’s commitment to rental housing and how they have updated their funding guidelines to provide deeper subsidy for these important projects,” said Lightengale Group President Virginia Pace. “We also appreciate the FHLB of Chicago staff’s commitment to provide support and training on their process throughout the application and monitoring periods. We look forward to another productive FHLBC round in 2016.”