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New Moms PSH – Oak Park

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New Moms PSH – Oak Park

Non-Profit Organization

New Moms PSH – Oak Park

DEVELOPER INFO:
Since 1983, New Moms has been the leading Chicagoland agency specializing in outreach and services to young moms experiencing poverty and homelessness. New Moms provides a continuum of services designed to interrupt the cycle of poverty for two generations by offering support in the most important areas of the life of a family – stable housing, job training, and family support. Young mothers and their children can find safe and stable housing, a path to employment, and the tools they need to learn and develop strong parenting skills. This unique, wrap-around approach results in deep and lasting change and interrupts the cycle of poverty for two generations.

 

PROJECT INFO:
New Moms Oak Park Center and Clare Place (residential component) provides 18 units of supportive housing for young families, program space, and offices to expand the depth of services. A mixture of 1 and 2 bedroom apartments are on the 2nd through 4th floors above the new office space and program area where supportive services will be provided focused on education, life skills, health and well-being. The new development provides an entrance for residents that is separate from the store front area, playrooms for the children, and laundry facilities. In honor of Wheaton Franciscan Sisters, Clare Place is named for St. Clare of Assisi, a follower of St. Francis who devoted her life to helping those in poverty. The project was awarded fourteen (14) Project Based Vouchers through the Regional Housing Initiative (RHI) in which tenants will pay no more than 30% of their income towards the rent and utility expenses combined.

project details

  • Project Site: New Moms of Oak Park
  • Developer: New Moms, Inc
  • Project Address: 206 Chicago Ave., Oak Park, IL 60302
  • Number of Units: 18
  • Property Type: Family Housing and Supportive Housing
  • Closed: February 2018

 

Project Funding Sources

  • State Donation Tax Credits
  • State Low-Interest Loans - FAF and Trust Fund
  • IFF Amortizing Loan
  • FHLB AHP
  • Pre-Development Loan through CSH
  • Project Based Vouchers through RHI

 

Unique Project Elements

  • The project was funded through IHDA’s Permanent Supportive Housing (PSH) program. IHDA combined available resources to fund projects that are too small or specialized for the LIHTC project and serve the most vulnerable populations, such as homeless new mothers.

 

Lightengale’s Role

  • Strategy
    • Development Team Assembly
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Based Vouchers/RAD
    • Project Budget
  • Financing Execution
    • Pre-Development Loan Coordination
    • Project Debt & Equity Coordination
  • Due Diligence Coordination
    • General Contractor & Architect Coordination
    • Property Mgmt Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement
  • Post Closing Services
    • Construction - Owner Rep Services
    • Construction Administration of Draws

 

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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