Project Funding Sources
This was the first RAD deal to close on financing in the United States.
The project demolished obsolete units at two separate sites and transferred the assistance to the new sites. The new sites help to better serve the residents of Greene County.
LGG coordinated project financing, including all budgets, property management items, due diligence, insurance and owner sworn statements with lenders and investors. Specific LGG tasks included:
The Walnut Estates project is a new construction, scattered site, single-family project built on three sites in Greene County, Illinois. The total project includes a total of 34 units across the three sites. There are 23 two-bedroom units and 11 three-bedroom units. All units are affordable to households between 30% and 60% AMI. 32 of the 34 units have project-based rental assistance. The project was made possible through a RAD conversion, where the Housing Authority of Greene County was able to demolish and transfer public housing assistance from 32 units of obsolete housing to 32 brand new single family homes, 26 of which are located in Carrollton, near jobs and amenities. This project was the first RAD deal to close nationally.