Windsor Development Group Walnut Estates

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Windsor Development Group Walnut Estates

Experienced Developer Non-Profit Organization Public Housing Authorities

Windsor Development Group Walnut Estates

DEVELOPER INFO:

Lead Developer: Windsor Development Group (Mike Niehaus) is the turnkey developer in partnership with the Greene County Housing Authority. Windsor Development Group has completed over a dozen similar projects throughout rural Illinois in partnership with local housing authorities. Windsor contracted with LGG to complete the financing while it focused on all of the construction activities, including acting as the general contractor.

Co-Developer: Apple Prairie Residential Services is the non-profit arm of Housing Authority of Green County. In addition to Walnut Estates, Apple Prairie also owns Hawkland Estates, a 20-unit LIHTC project in Carrollton that was developed in 2006. The Housing Authority of Greene County is a local government agency established to construct, own, operate, and manage public housing and other forms of subsidized housing for low-income residents in Greene County, IL. Greene County ordinances establish Public Housing Authorities, and the local legislative body appoints the Greene County Housing Board.

PROJECT INFO:
Walnut Estates is a new construction, scattered site, single-family project built on three sites in Greene County. Two sites are located in Carrollton and one site is located on existing Housing Authority land in White Hall. The total project includes 34 two- and three-bedroom units affordable to families with incomes between 30-60% AMI.

All homes will be single family detached construction, one- and two-story, and have brick and hardiplank (or comparable) exterior, vinyl thermal windows, and 30 yr architectural shingles designed to reduce operating cost and maintenance. The roof will be designed to provide shade to windows in the summer while allowing thermal heating in the winter. Each home will have private porches and good sized yards. The homes will have utility mud rooms, dishwashers, and eat-in kitchens. Many of the lots have mature trees, and all the single family homes are adaptable. All units will also have a two-car garage.

project details

  • Project Site: Windsor Homes
  • Lead Developer: Windsor Development Group (Mike Niehaus)
  • Co-Developer: Apple Prairie Residential Services (Housing Authority of Greene County)
  • Project Address: Scattered site: Whitehall, IL and Carrollton, IL
  • Number of Units: 34
  • Date Closed: 2013
  • Housing Type: Public Housing, Family Housing, Single Family Home Scattered Site

 

Project Funding Sources:

  • 9% LIHTC Equity
  • HOME/CDBG
  • State Low-Interest Loan
  • FHLB AHP
  • Energy Grant
  • RAD Conversion

 

Unique Project Elements:

  • Walnut Estates was the first RAD transaction to close in the country. The project was initially conceived to utilize the HUD demo/dispo program to demolish obsolete units in the Housing Authority’s portfolio. However, in 2012, HUD was phasing out the demo/dispo program, and trying to implement RAD in its place. LGG helped reenvision the project as a RAD transaction. RAD was a great solution for the Housing Authority of Greene County in that it helped to demolish obsolete units but also build new units in Carrollton, the population center of Greene County.
  • The developer has a homeownership plan in place for after the initial tax credit compliance period.

 

Lightengale’s Role:

  • Strategy
    • LIHTC Application
    • Project Based Vouchers/RAD
    • Project Budget
  • Financing Execution
    • Project Debt & Equity Coordination
    • Energy Grant Application
  • Due Diligence Coordination
    • Property Mgmt Documents
    • Closing Owner Sworn Statement

 

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