12/11/09

Lighten-Gale Group is pleased to announce the closing on construction financing for Shelbyville Homes, a 30-unit affordable single-family home development located in Shelbyville, Illinois. The project is sponsored by the Shelby County Housing Authority in partnership with Illinois developer and general contractor Windsor Homes, Inc. Christian County Integrated Community Services will provide property management services and Shelby County Housing Authority will provide rent subsidy for residents in need.

The project includes 30 two- and three-bedroom homes for rent to families, with units converting to homeownership opportunities after 15 years. Lighten-Gale Group was the finance consultant for the project. This included assisting the sponsor in obtaining American Recovery and Reinvestment Act financing through the Illinois Housing Development Authority, a Federal Home Loan Bank grant, an Illinois Department of Commerce and Economic Opportunity energy grant, rental assistance, and bringing the project financing to a closing.