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Water’s Edge of South Elgin

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Water’s Edge of South Elgin

Experienced Developer Non-Profit Organization

Water’s Edge of South Elgin

DEVELOPER INFO:
The Burton Foundation (TBF), an Illinois based 501c3, currently has ownership in over a dozen LIHTC developments around the Midwest. Their central mission is to assist families in finding safe, secure, and affordable housing through participation in partnerships and management activities. They are also a philanthropic organization who builds permanent charitable capital through donations, grants, aid, and low-income interest loans to the poor for housing and health needs.

TBF reached out to local service provider Association for Individual Development (A.I.D.), which provides services to thousands of Kane County individuals who have developmental, physical and/or mental disabilities. For over 50 years A.I.D. has provided services to individuals who have developmental, physical and/or mental disabilities. All A.I.D. clients have access to enable them to live as independently as possible in their communities through a variety of service means.

 

PROJECT INFO:
Approximately half of the units are anticipated to be occupied by disabled households in this unique blended development. The project includes one, two and three bedroom units, and has two main goals: (1) provide high-quality supportive housing for individuals and families that have a range of disabilities, and (2) integrate those special needs households into a broader community. By combining the development experience of The Burton Foundation with the service provider expertise of A.I.D., this collaboration within South Elgin accomplishes these goals.

The development is a modern apartment building with three-stories and 50 units in South Elgin, right along the Fox River. A.I.D.. provides on-site, 24/7 supervision by a Qualified Mental Health Professional as needed to residents. The service provider resides in the building and is available for crisis and non-crisis situations, provides general assistance to residents and coordinates a variety of services. A.I.D. offers case management, daily living/life skills training, alcohol & drug treatment case management, counseling & psychosocial rehabilitation and a referral network to the residents of the development.

project details

  • Project Site: Waters Edge of South Elgin
  • Developer: The Burton Foundation
  • Project Address: 418 Center Street, South Elgin, IL 60177
  • Number of Units: 50
  • Property Type: Family Housing and Supportive Housing
  • Closed: April 2014
  • Awards Received: 2016 Gale Cincotta Award

 

Project Funding Sources:

  • 9% LIHTC Equity
  • State Donation Tax Credits
  • State Low-Interest Loan
  • Tax Increment Financing
  • FHLB AHP
  • Energy Grant
  • Project Based Vouchers

 

Unique Project Elements: 

  • The Burton Foundation worked tirelessly with the City of South Elgin’s planning staff to get through a long and difficult zoning process. While many neighbors were initially opposed to the project, once it was built, they were so impressed with the quality of the building, that they fully supported the companion project Marison Mill, developed just south of Water’s Edge.

 

Lightengale’s Role:

  • Strategy
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Based Vouchers/RAD
    • Project Budget
  • 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
    • LIHTC - Carryover/10% Test

 

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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