Over The Rainbow Association recently closed financing on their second tax credit / tenth residential development serving the physically disabled. Midtown Crossing Apartments in Des Plaines, buy Illinois is an affordable, sickness 33-unit, new construction building furthering Over The Rainbow’s mission of providing accessible, barrier-free housing solutions and person-centered services that encourage independent living. Like all of OTR’s other properties, Midtown Crossing will be 100% mobility accessible and will have a preference for households that need the mobility features of the unit.
The building is located in the amenity-rich area of downtown Des Plaines with close public transportation (including a Metra stop) and several shops, restaurants, parks, and public library. It is also near a community college that offers adult extension courses.
Lightengale Group helped secure financing from Illinois Housing Development Authority (LIHTC Award), Harris Bank (First Mortgage), Cook County (HOME Loan), and the Chicago Federal Home Loan Bank (Affordable Housing Program Grant). The tax credits were syndicated through National Equity Fund, Inc.
“At National Equity Fund, we believe that extraordinary things happen with great partners and that is evident with the closing of Midtown Crossing Apartments, which will provide quality affordable homes with critical support services to residents with physical disabilities,” commented Rachel Rhodes, VP and originations’ regional manager of NEF’s Central team. “We’re so proud to be working with Over the Rainbow Association and Lightengale Group to create this amazing development for the Des Plaines community.”
We look forward to the success of Midtown Crossing!
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.