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Altamont Senior Residences

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Altamont Senior Residences

Experienced Developer Non-Profit Organization

Altamont Senior Residences

DEVELOPER INFO:

Owner: New Directions Housing Corp- Founded in 1994, New Directions Housing Corporation (“NDHC”) has built and rehabilitated hundreds of multi-family units, providing safe, affordable and decent housing for very low and low income individuals. Over the years, NDHC’s properties have assisted thousands of its residents in ways beyond just providing safe, decent, sanitary and affordable housing. NDHC properties have participated in programs such as free flu shots, meals-on-wheels, potluck night, the breakfast club and many other social support services. NDHC has enacted community support programs such as on-site after school study, swimming lessons at our pool, and guidance counseling for problem children. Additionally, they work together with local government and with Catholic Charities to provide various other services to residents in need, such as direct bus route service for improved schooling and job access.

 

Co-Developer: Cottage Hill is a partnership of #9 Design and La Mancha Construction. #9 Design was formed in 1989 and is a full-service architecture and design firm. The company specializes in site planning, ADA compliance, feasibility studies, space planning, design development drawings, cost estimating and full construction documents and permit drawings. The firm is an Illinois Certified FBE and a Women’s Business Development Center Certified WBE. #9 has worked on the design of several affordable and supportive housing projects. La Mancha Construction is an Illinois-based, State of Illinois and Cook County certified WBE general contractor. They have more than 15 years of experience in government funded work, including new construction and renovation of affordable housing, offices, retail establishments and social service centers throughout Illinois.

 

PROJECT INFO:
Cottage Hill Development acted as the fee developer on this project, and New Directions Housing Corp is the non-profit owner of the development. The project is a 30-unit new construction development for seniors 55 and older, affordable to individuals and couples with incomes between 30% and 60% AMI. Community amenities include a fitness room, community room with kitchen and counter seating, a reading room, and a community garden. The development also features on-site management and social services. The overall building is certified to the National Green Building Standard, meaning all building systems and insulation provide for high efficiency and energy savings. The project is located near the City of Altamont’s largest park, which is a great attribute.

Five units are affordable at 30% AMI and targeted to the State of Illinois’s State Referral Network program. These units will have some level of rental assistance provided by NDHC, depending on need.

project details

  • Project Site: Altamont Senior Residences
  • Owner: New Directions Housing Corp
  • Developer: Cottage Hill Development
  • Project Address: 406 East Cumberland Road, Altamont Illinois
  • Number of Units: 30
  • Property Type: Senior
  • Closed: June 2018

 

Project Funding Sources

  • 9% LIHTC Equity
  • State Low-Interest Loan
  • Construction Loan

 

Unique Project Elements

  • This development is the first that Lightengale Group has had the opportunity to work with New Directions.

 

Lightengale’s Role

  • Strategy
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Other Credits/Loan Funds
  • Due Diligence Coordination
    • Property Mgmt Documents
    • Closing Owner Sworn Statement
  • Post Closing Services 

 

 

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CREATIVE APPROACH.
PROVEN RESULTS.


three
Words from our Partners:

Lightengale (LGG) began serving affordable housing developers in 1999. Over the next 23 years, LGG assisted over 150 affordable housing deals (and one radio station) to come to fruition. We are so pleased that we were able to work with so many wonderful developers, both new and experienced, small and large, to help them provide affordable housing and improve their communities.

Over these years, we learned a lot and navigated the company and our clients’ deals through the Great Recession of 2007-2008 and the Covid Pandemic of 2020-2022. Throughout this time, we have had the privilege of working with some of the finest affordable housing specialists – on our staff, our clients, and in the broader community.
Everyone should have a home they can afford and feel safe in. Ideally, amenities are nearby, and the home is energy efficient. We enjoyed working with so many people who shared our vision of universal affordable housing. While we continue to believe strongly in universal affordable housing, we also believe it is now time to have others lead the way and guide deals through the process. We hope the next generation continues to provide more truly affordable housing for more people.

While we are not taking on any new clients or projects and will be closing our doors once we finish our current deals, we want to let you know how much we have enjoyed working with each and every one of you throughout these years.

All the best to each of you-- Maggy, Larry and Virginia
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