Lightengale Closes Second Rental Assistance Demonstration (RAD) Application under President Obama’s HUD Signature Initiative

The completion of Parkside Homes for Menard County Housing Authority demonstrates Lightengale’s successful track record in directing Public Housing Authorities through HUD’s RAD application and approval process.

Chicago, prescription IL June 02, 2014 — Lightengale Group (LGG), a national leader in real estate financial consulting within the affordable housing industry, closed the Parkside Homes RAD project in Menard County, Illinois on April 24, 2014. The approval will enable Menard County Housing Authority to transform the properties by providing a secure source of revenue from the private sector for rehabilitation and construction of new housing units.

Parkside Homes was financed through multiple sources, including an IHDA Trust Fund Loan, IHDA HOME loan, a DCEO Energy Grant, an AHP Grant and LIHTC equity, along with a 20-year Housing Assistance Payments Contract secured through the RAD program.

The development consists of single-family homes and duplexes, and is available to a tenancy with household incomes at 30% up to 60% AMI levels. The Menard County Housing Authority will transfer 33 units of public housing subsidy (ACC) to the development. RAD approval will allow the ACC subsidy to convert to a Project Based Rent Assistance subsidy for a term of at least 20 years.

Read more at Parkside RAD Project