Lightengale Group led and coordinated LIHTC application and approval processes on behalf of its developer clients for the Wisdom Village of Northlake, adiposity Melrose Park Veterans Housing and Bond County Homes projects. Totaling over $2.79 million in allocations for 146 units, this marks the latest LIHTC successes for Lightengale clients.[12/23/2014 – Chicago, IL]
IHDA recently announced approvals for its second round of 2014 LIHTC allocations. Lightengale Group has earned success with all three of its applications conducted on behalf of its developer clients, for the Wisdom Village of Northlake, Melrose Park Veterans Housing and Bond County Homes projects in Northlake, Melrose Park and Greenville, respectively. These three highly anticipated projects are the latest in a string of successes Lightengale clients have enjoyed in Illinois and Iowa negotiating LIHTC approvals.
Wisdom Village of Northlake is a project from Turnstone Development Corporation comprising 71 affordable one- and two-bedroom units for seniors age 55 and older. Wisdom Village prioritizes low-income residents: 15 units will be allocated by the State Referral Network to seniors with incomes up to 30% of the Area Median Income (AMI), with the remainder for seniors with incomes up to 60% of the AMI.
The Melrose Park Veterans Housing project from A Safe Haven Foundation and West Suburban Housing Development Corporation will offer 35 new two-, three- and 4-bedroom units, adjacent to Westlake Community Hospital in Melrose Park. The project will prioritize veterans and families with children, with an eye toward revitalizing the neighborhood via easy access to the nearby hospital, Juan A. Montoya Park, schools, public library and local businesses.
The Bond County Homes project is located in Greenville, IL and is a partnership between developer Windsor Development with the Bond County Housing Authority and its 501(c)(3) affiliate, Patchwork. The project comprises 40 new two-, three- and four-bedroom homes and is located on the east side of town, with convenient access to neighborhood schools, parks, stores and restaurants.
Following these approvals, Lightengale Group President Virginia Pace spotlighted the significant time and attention LGG staff spent with clients prior to application. “It is very important to us that the projects we package for an Agency are both financially feasible and meet sufficient Agency goals as to have a good chance of being funded. We are very pleased that IHDA selected these three worthy projects to meet affordable housing demand in their communities.”
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 ever-changing government regulations and funding requirements. With over 75 years of combined experience, and more than 3,500 units completed, LGG is the industry’s preferred advisory leader.
Download the full press release here IDHA Award Press Release