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Hershey Tower & Senior Village

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Hershey Tower & Senior Village

Experienced Developer Non-Profit Organization

Hershey Tower & Senior Village

DEVELOPER INFO:
Christian County Integrated Community Services (CCICS), an Illinois 501(c)(3) organization, was formed by the Housing Authority of Christian County to address the changing environment in public housing funding. CCICS is now a separate entity from the Housing Authority and its mission is to set the standard for excellence in providing affordable, decent, safe, and sanitary housing to people who experience barriers to housing because of income, disability, or special needs. Over the past decade, and in partnership with LGG, it has transformed all of Christian County’s public housing inventory into PBV and RAD units.

 

PROJECT INFO:
The project consists of the rehab of two buildings located in Taylorville, IL – Hershey Tower (79 units) and Senior Village (60 units). Both projects were formally public housing and were converted to LIHTC units through the RAD program, thus preserving the units as affordable housing for another 30 years. The units are restricted for households who are at 30%, 50%, and 60% AMI. The rehab upgraded major building systems, renovated bathrooms, kitchens and living areas and upgraded amenity features such as security cameras at all building entrances to enhance community safety. Energy savings features were also incorporated into the rehab, including Energy Star stoves and refrigerators and individually controlled electric HVAC systems. The building pays 100% of utilities, so the upgraded building systems should substantially reduce on-going operating costs.

 

 

project details

  • Project Site: Hershey Tower and Senior Village
  • Developer Name: Christian County Community Services (CCICS)
  • Project Address: 400 W Franklin St., Taylorville, IL 62568
  • Number of Units: 139
  • Property Type: Public Housing and RAD Conversion
  • Closed: September 2016

 

Project Funding Sources:

  • FHLB AHP
  • 9% LIHTC Equity
  • Energy Grant
  • State Donation Credits
  • Construction Loan
  • RAD Conversion

 

Unique Elements:

  • Project was rehabbed in stages, to ensure little disruption as possible and to prevent relocation.
  • This was the 7th project that LGG worked on with CCICS.

 

Lightengale’s Role:

  • Strategy
    • Development Team Assembly
    • Project Based Vouchers/RAD
    • LIHTC Application
    • 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
    • Construction Administration of Draws
    • Equity Installment coordination 
    • LIHTC - Carryover/10% test
    • LIHTC - 8609

 

 

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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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