DEVELOPER INFO:
Robert Cottingham Property Management (RCPM) had managed this property for over 30 years and stepped in as the lead developer to walk the non-profit board through the extensive financing process, with Lightengale Group’s help. RCPM provides seniors and families with affordable housing opportunities with personable and effective management. More than a property manager, RCPM also helps coordinate the non-profit board members to hold their meetings, explain the financing options, and walk through the refinancing and resyndication options. This was RCPM’s second time in working with LGG. The first successful application and rehabilitation was the Leisure Acres development, also in Peoria.
PROJECT INFO:
Galena Park Terrace was a major rehabilitation of an existing, 45-year-old Section 202 development for senior and disabled residents which had been well maintained but had undergone no major improvements since its original construction.
The rehabilitation included reducing the overall unit count from 151 units to 128 units, as 46 of the studio units were combined to create 23 larger, more marketable one bedroom units; replacing the failing water drainage system on the sloped site; updating kitchens, bathrooms, and floors in the units; providing energy efficient systems; and enhancing the community building and the outdoor spaces. The award of 9% credits from IHDA and a new, FHA-insured first mortgage enabled the renovation required to preserve this housing development in an IHDA-designated Opportunity Area.
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