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Bond County Homes

Experienced Developer For-Profit Organization Public Housing Authorities

Bond County Homes

DEVELOPER INFO:
Windsor Development Group (Mike Niehaus) is the turnkey developer in partnership with the non-profit subsidiary of the Bond County Housing Authority, Patchwork. Patchwork’s subsidiary is the sole general partner. Windsor Development Group had completed over a dozen similar projects throughout rural Illinois in partnership with local housing authorities. Windsor contracted with LGG to complete the financing while it focused on all of the construction activities, including acting as the general contractor.

 

PROJECT INFO:
The residential complex consists of 40 single family homes along a rectangular inner drive. Each home has an attached garage, front porches facing the street, and a spacious backyard. Home amenities also include side patios off of the kitchen, fully equipped kitchens with energy star appliances, including individual washers and dryers and dishwashers. The project offers 2, 3, and 4 bedroom homes to families with incomes at 30%, 50%, and 60% AMI. Fourteen (14) households receive project based vouchers.

project details

  • Lead Developer: Windsor Development
  • Co-Developer: Bond County Housing Authority
  • Project Address: Greenville, IL
  • Number of Units: 40
  • Property Type: Family Housing
  • Closed: August 2015

 

Project Funding Sources:

  • 9% LIHTC Equity
  • State Low-Interest Loan
  • Amortizing Private Debt

 

Lightengale’s Role:

  • Strategy
    • LIHTC Application
    • Project Based Vouchers/RAD
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Energy Grant Application
    • Other Credits/Loan Funds
  • Due Diligence Coordination
    • Property Mgmt Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement
  • Post Closing Services
    • LIHTC - Carryover/10% Test

 

Photo Credit: Scott Cowdrey, Architect

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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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