The Reserves at Briarwood makes Lightengale Group a perfect four-out-of-four in assisting Overland Property Group (OPG) with a successful LIHTC application to the Iowa Finance Authority (IFA). This latest development comprises new construction of 32 units for mixed-income residents and disabled individuals, including a community clubhouse and parking.
This past May witnessed the expected close of financing and beginning of construction of The Reserves at Briarwood in Washington, IA, the latest IFA-approved project from local developer Overland Property Group. This is the fourth project in the past four years that OPG has asked Lightengale Group to consult on an IFA LIHTC application, all of which have been approved.
The Reserves is a mixed income, 32-unit new construction walk-up development consisting of 16 two-bedroom units, 8 three-bedroom units, and 8 four-bedroom units primarily designed to be affordable to families with incomes between 30%-60% of AMI. Four units will be set aside for persons with physical, mental, and/or developmental disabilities, which may include persons with brain injury, mental illness, or co-occurring disorder. Services for these residents will be coordinated by a local service provider. Several units will be unrestricted. The complex includes a community clubhouse and 69 parking spaces.
Lightengale Group was integral to The Reserves receiving LIHTC approval through the Iowa Finance Authority and provided assistance through all phases of the application process. Lightengale also consulted during negotiations with the City of Washington related to the tax increment financing, and coordinated the grant from the East Iowa Housing Trust Fund.
Lightengale’s role as OPG’s LIHTC consultant of choice dates back several years. In 2012, OPG had submitted two unsuccessful applications to IFA. Their investor partner Raymond James referred them to Lightengale for assistance, which was able to restructure both projects and win approval from IFA that same year. Two more projects together, including The Reserves, make the OPG-Lightengale team a perfect 4-for-4.
“The continued success Overland Property Group has had in the state of Iowa is something we are very proud of,” said OPG Vice President of Development Matt Gillam. “The Lightengale group has been an integral part of this success, from application through project stabilization, and they are an organization we can always rely on.”
The Reserves at Briarwood is the most recent housing project that works toward achieving goals from the 2012 City of Washington Comprehensive Plan, including to provide more affordable housing to the community. The Reserves will directly remedy a shortfall of diverse and affordable housing in the city and is a successful example of developers working hand in hand with local and state agencies to provide solutions to critical community housing needs.