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Midtown Crossing Apartments

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Midtown Crossing Apartments

Experienced Developer Non-Profit Organization

Midtown Crossing Apartments
DEVLOPER INFO:

Over The Rainbow Association (“OTR”) is an Illinois not‐for‐profit that has been developing accessible housing for low‐income adults with immobility impairments since 1974. OTR provides disabled adults with housing alternatives where they can direct their own care and live independently, with dignity, in a residential community, as opposed to an institutional setting. OTR assists mobility impaired adults find the “ability” in their disability. OTR builds long term partnerships with every community they are located in.

 

PROJECT INFO:

Over The Rainbow (OTR) was attracted to DesPlaines as it had many services and amenities near downtown, including a train station, library and other government services, and many retail services, all of which are fully accessible. OTR, in partnership with their architect Dennis Langley, diligently worked with the city staff, the land owner, and nearby residents to create a modern accessible 4-story building that both blends in and adds vibrancy to the neighborhood.

The newly constructed 33 one bedroom units are fully accessible with in-unit features that substantially exceed FHAA and other accessibility requirements. The building includes on-site laundry and a computer room for the residents. OTR supports its residents to maintain their independence. This was OTR’s second LIHTC deal and tenth affordable housing development.

 

project details

  • Project Site: Midtown Crossing Apartments 
  • Developer: Over The Rainbow
  • Project Address: 751 Graceland Avenue, Des Plaines, IL 60016
  • Number of Units: 33
  • Property Type: Family Housing and Supportive Housing
  • Closed: December 2016

 

Project Funding Sources

  • 9% LIHTC Equity
  • State Donation Tax Credits
  • HOME/CDBG from Cook County
  • Amortizing Private Debt
  • Construction Loan from BMO Harris
  • FHLB AHP
  • Pre-Development Loan
  • Project Based Vouchers

 

Unique Elements

  • The land seller agreed to sell the property (previously a two flat and parking lot) at a significant discount.
  • This qualified the sale to obtain Illinois Affordable Housing Tax Credits, an important source to encourage the advantageous sale.

 

Lightengale’s Role

  • Strategy
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Budget
    • Project Based Vouchers / RAD
  • Financing Execution
    • Pre-Development Loan Coordination
    • 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 - Owner Rep Services
    • Construction Administration of Draws
    • Equity Installments Coordination
    • LIHTC – Carryover/10% Test
    • LIHTC – 8609 Coordination

 

Photo Credit

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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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