Wisdom Village of Northlake, Phase I

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Wisdom Village of Northlake, Phase I

Experienced Developer Non-Profit Organization

Wisdom Village of Northlake, Phase I

DEVELOPER INFO:
Turnstone Development Corporation is a not-for-profit 501(c)(3) real estate development corporation specializing in the construction and preservation of affordable housing. Since 1998, Turnstone Development has developed over 1,680 affordable housing units leveraging over $257 million in private and public investment capital sources. These sources include Low Income Housing Tax Credit (LIHTC), equity from the Illinois Housing Development Authority (IHDA), American Reinvestment and Recovery Act Stimulus funds (ARRA), traditional banking and lending institutions’ loans and grants from Federal Home Loan Bank (FHLB) and the Department of Commerce and Economic Development (DCEO).


PROJECT INFO:
Wisdom Village of Northlake is a senior development at which at least one member of the household must be 55 years of age or older. Of the seventy-one (71) units, forty-seven (47) have rental assistance from the Housing Authority of Cook County, so that residents pay 30% of their income in rent while the HACC subsidizes the remainder. Units are income restricted to 30% AMI; 50% AMI and 60% AMI.

Both IHDA and Cook County committed significant resources to create this affordable housing for seniors, which received strong local support. The project currently has a long waitlist for prospective tenants.

project details

  • Project Site: Wisdom Village of Northlake, Phase I
  • Developer: Turnstone Development
  • Project Address: 33 S Wolf Rd., Northlake, Illinois
  • Number of Units: 71
  • Property Type: Senior Housing
  • Closed: March 2013
  • Awards Received: 2018 IHDA Gale Cincotta Award for Innovation and Excellence in Affordable Housing in Metropolitan Chicago

 

Project Funding Sources

  • 9% LIHTC Equity
  • HOME from Cook County and from IHDA
  • Amortizing Private Debt
  • Energy Grant
  • Pre-Development Loan
  • Project Based Vouchers

 

Unique Project Elements

  • This project was feasible because of the strong support from the City of Northlake. City of Northlake Mayor Jeffrey Sherwin was among the project's strongest advocates. "We have seniors in Northlake who have lived here for forty and even fifty years, but can no longer afford the cost of their home," Sherwin said. "Some seniors have to get by on only their monthly social security check. They need affordable housing options that allow them to stay with the same church, friends and senior groups."

 

Lightengale’s Role

  • Strategy
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Based Vouchers/RAD
  • Financing Execution
    • Pre-Development Loan Coordination
    • Project Debt & Equity Coordination
    • Energy Grant Application
    • Class 9 Property Tax Application
  • Due Diligence Coordination
    • General Contractor & Architect Coordination
    • Property Mgmt Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement
  • Post Closing Services
    • Construction Administration of Draws
    • Equity Installments coordination
    • LIHTC - Carryover/10% Test
    • LIHTC - 8609 coordination

 

Photo Credit: Google Earth, Nov 2018