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East Bluff Housing

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East Bluff Housing

Non-Profit Organization

East Bluff Housing

DEVELOPER INFO:
Established in 1999, POF is a community development non-profit created to develop affordable housing, emphasizing self-sufficiency and economic wealth for low-income families and individuals. The POF Board of Directors is composed of community members with a variety of experience including city zoning, management, banking, marketing, law, real estate, construction neighborhood activism and advocacy for minorities.

PROJECT INFO:
East Bluff Housing is a scattered site infill development throughout the East Bluff neighborhood. The new construction homes helped to stitch together the fabric of the neighborhood in Peoria, Illinois. The project created new affordable rental housing for low-income families: 30 homes on 25 vacant lots with a mix of two and three bedroom single-family and duplex units. Building styles are based on existing neighborhood styles and City of Peoria Design requirements. All sites are within one mile of each other.
The project brought new units to a market area that exhibited strong demand for new affordable family housing. The residences serve a wide income range and a broad range of family sizes. 6 units will be affordable to families at or below 30% AMI; 15 units will be affordable to families at or below 50% AMI ; and 9 units will be affordable to families at or below 60% AMI. A total of 21 units will have project-based rental assistance from the Peoria Housing Authority, 5 of which will be set aside for the SRN program and 16 of which have RAD rental assistance.

project details

  • Project Site: East Bluff Housing
  • Developer: Peoria Opportunities Foundation (POF)
  • Project Address: Scattered site in the East Bluff neighborhood, Peoria, IL
  • Number of Units: 30
  • Property Type: Scattered Site, Single Family Housing
  • Closed: 2020

 

Project Funding Sources:

  • 9% LIHTC Equity
  • HOME/CDBG
  • Tax Increment Financing
  • FHLB AHP
  • Project Based Vouchers
  • RAD Conversion
  • Construction Loan

 

Unique Project Elements:

  • The City of Peoria Community Development and Economic Planning departments and East Bluff neighborhood residents and community activists collaborated to create a variety of revitalization plans and initiatives to improve both the physical look and feel of the neighborhood and the quality of life for its residents.
  • Other efforts have focused on the block level neighborhood issues. With collaboration from the City of Peoria and the neighborhood stakeholders, a wide array of planning efforts have been implemented, producing visible and substantial changes.

 

Lightengale’s Role:

  • Strategy
    • Development Team Assembly
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Based Vouchers/RAD
    • TIF Negotiations
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Other Credits/Loan Funds
  • Due Diligence Coordination
    • General Contractor & Architect Coordination
    • Property Mgmt Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement
  • Post Closing Services
    • Construction Administration of Draws
    • Equity Installments Coordination
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609 Coordination

 

Photo Credit: East Bluff Housing

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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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