Lincoln Park Villas

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Lincoln Park Villas

Experienced Developer For-Profit Organization

Lincoln Park Villas
DEVELOPER INFO:
Lead Developer: RCH Development has been developing market rate, LIHTC and RD housing in Missouri since 1989. To date, they have developed and own 945 total housing units of which 705 are income restricted units in 28 overall projects, 23 of which are LIHTC. They have also developed a 171 unit student housing development in Kentucky.
Co-Developer: Regional Housing Development, NFP (RHD) started as the non‐profit instrumentality of the Menard County Housing Authority (MCHA). Through its affiliates, MCHA has developed, and currently manages, three tax credit properties: Prairie Place (2002), County Estates (2006), and Blue Sky Meadows (2013) for a total of 128 units. The properties were funded with tax credits and other IHDA resources. All properties are fully occupied and have a waitlists. A fourth LIHTC property, Parkside Homes, was recently completed in early 2015, as a RAD conversion project.

 

PROJECT INFO:

Lincoln Park Villas is a new construction affordable property for independent seniors of O’Fallon, Illinois, St. Clair County and the surrounding communities. The development includes 72 one- and two-bedroom units for seniors 55 and older. The project site will have a total of 14 buildings, including 4 buildings with four units, 8 buildings containing six units, 1 building containing eight units, and a community building. The community building will contain an on-site property manager’s office, community kitchen and meeting space, and fitness equipment. The units will be fully equipped with energy star appliances including refrigerator, electric oven, dishwasher, and microwave. In-unit washer and dryers will also be provided. All units will be universally designed and eight will be ADA accessible.

project details

  • Lead Developer: RCH Development
  • Co-Developer: Regional Housing Development
  • Project Address: 1159 S. Lincoln Ave., O'Fallon, IL, 62294
  • Number of Units: 72
  • Property Type: Senior Housing
  • Closed: February 2015

 

Project Funding Sources

  • LIHTC Tax Equity 4%, 9%
  • Energy Grant
  • Project Based Vouchers
  • PBV from The St. Clair County Housing Authority.

 

Unique Elements

  • Reginal Housing Development is the projects NFP member and will also serve as property manager.

 

Lightengale’s Role:

  • Strategy
    • LIHTC Application
    • Project Budget
    • Project Based Vouchers/RAD
  • Financing Execution 
    • Energy Grant Application
    • Other Credits/Loan Funds
  • Due Diligence Coordination
    • Property Mgmt. Documents
    • Insurance Coordination
    • Owner Sworn Statements
  • Post Closing Services
    • LIHTC - Carryover/10% test
    • LIHTC - 8609

 

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