On April 21, 2017 BEDS and TBF celebrated the groundbreaking of their newest project, Ogden Avenue Supportive Housing. On June 1, 2017, the developers closed on the project’s financing and initiated construction. The development will include twenty studio units targeted to homeless individuals that will receive service assistance from Beds. In addition to providing housing, the facility will provide services for the area’s homeless during the day including case management, service connections and access to partner agency representatives and programs.
With the assistance of the Lightengale Group, BEDS and Burton secured Low Income Housing Tax Credits, Illinois Affordable Housing Tax Credits, Cook County CBDG funds, Federal Home Loan Bank AHP subsidy, Project Based Vouchers and construction financing. BEDS also provided approximately $840,000 through a capital campaign, from individual supporters and foundation support to the project capital funding.
Please see the Chicago Tribune article for more details on the ground breaking!
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.