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LCDC Legacy Apartments

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LCDC Legacy Apartments

Experienced Developer Non-Profit Organization

LCDC Legacy Apartments

DEVELOPER INFO:

Lead Developer: Lawndale Christian Development Corporation was established in 1987 by Lawndale Christian Community Church to bring holistic revitalization to the lives and environments of Lawndale residents through economic empowerment, housing improvements, educational enrichments and community advocacy. To be a developer and manager of community-enhancing residential and commercial properties; a partner for educational excellence; and a catalyst for community revitalization in the North Lawndale community.

Co-Developer: Safeway Construction acted as both co-developer and general contractor. The high-quality, city-wide firm has always had a strong focus on improving the quality of the North Lawndale community through employment opportunities and quality workmanship.

 

PROJECT INFO:
Located on the site of Dr. Martin Luther King Jr.’s home in Chicago during 1966, the Dr. King Legacy Apartments offer one, two, three, and four-bedroom apartments for rent as well as a ground floor exhibition about MLK. The apartments at this great Chicago apartments building all have exceptional finishes and lots of windows. The Dr. King Legacy Apartments were completed in 2011. The apartments are bright and spacious and the building has great amenities; building amenities include an exercise facility, courtyard, open green space and partial green roof. The King Legacy Apartments are conveniently located nearby I-290 and the Pink line.

The ground floor MLK Exhibit Center aims to commemorate Dr. King’s fight against housing inequality and redlining. “The MLK” is one of the prominent cultural spaces in the North Lawndale community. Tour opportunities, private rentals, and exhibit programming are currently available at the exhibit.

project details

  • Project Site: LCDC Legacy Apartments
  • Developer: Lawndale Christian Development Corporation (LCDC)
  • Co-Developer: Safeway Construction
  • Project Address: 1550 S Hamlin, Chicago, IL 60623
  • Number of Units: 45
  • Property Type: New Construction Family / Mixed Use
  • Closed: August 2009

 

Project Funding Sources

  • 9% LIHTC Equity
  • TCAP Funds
  • State Donation Tax Credits
  • State Low-Interest Loan
  • Amortizing Private Debt
  • Energy Grant
  • Construction Loan

 

Unique Project Elements

  • This was LGG’s 5th project with LCDC and LCDC’s first new construction project. The project also includes some ground level retail.

 

Lightengale’s Role

  • Strategy
    • LIHTC Application
    • Project Based Vouchers/RAD
    • Project Budget
  • Financing Execution
    • Pre-Development Loan Coordination
    • Project Debt & Equity Coordination
  • Due Diligence Coordination
    • Property Mgmt Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement
  • Post Closing Services 
    • Construction Administration of Draws

 

 

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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
Copyright Lightengale Group