Frustrated by its two unsuccessful attempts in Iowa, Overland Property Group asked Lightengale Group for help and is now four-of-four on approvals and funding, including The Reserves at Ironwood, its latest new construction development of 48 mixed-income units in Oskaloosa, IA.[11/11/2014 – Des Moines, IA]
Overland Property Group has recently closed on The Reserves at Ironwood, their newest development in Oskaloosa, IA. The 48-unit project is designed for a mix of incomes and includes 24 two-bedroom units, 12 three bedroom units, and 12 four-bedroom units. The majority of units will be affordable to families with incomes between 30%-60% of the Area Median Income (AMI), with the remainder unrestricted.
Overland, a successful developer with 39 approved projects in 5 states, was recommended to Lightengale by the syndicator Raymond James. With Lightengale’s professional guidance Overland successfully submitted four LIHTC applications to the Iowa Finance Authority (IFA) in 2013 and 2014 and seen each of them funded, included this latest development in Oskaloosa.
Lightengale’s contribution was substantial, including application assistance, negotiations with the City of Oskaloosa related to the tax increment financing, Enterprise Zone Credits, sales tax rebate, and Oskaloosa Housing Trust Fund. They also coordinated with the AHEAD Regional Housing Trust Fund. Matt Gillam, Vice President of Development for Overland, praised Lightengale for their role in making The Reserves at Ironwood happen: “The continued success
Overland Property Group has had in the state of Iowa is something we are very proud of. Lightengale Group has been an integral part of this success. From application through project stabilization, they are an organization we can always rely on.”
The Reserves at Ironwood is long-awaited by the city, which has recently struggled to provide affordable family housing to the community. The 2012 Oskaloosa Housing Needs Assessment revealed nearly 50% of all renter-occupied households in the city are housing cost burdened, a figure that is nearly one-fifth higher than the rate statewide. In addition to providing much-needed affordable housing, The Reserves at Ironwood will feature five units set aside for persons with physical or mental and/or developmental disability, with support services for these residents coordinated and provided locally.
With a track record of shared success that continues to grow, Overland and Lightengale will continue to explore new opportunities to develop housing projects through the LIHTC process.