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LISC Peoria closes predevelopment loan with Abundant Faith Ministry

Local LISC office provides $225,000 in funding to get 18-unit rehab project off the ground
King's Court Apartments in Springfield, Ill.
King's Court Apartments in Springfield, Ill.

In Springfield, some of the most active affordable housing developers are religious institutions. Abundant Faith Ministry, a church located on the city's East Side, is leading the charge locally in figuring out how non-profits and religious communities can navigate today's affordable housing development environment.

King's Court is an existing 18-unit housing project also located on the city's East Side. The project was developed in 1950 as a cottage-style motel, but was acquired in the late 1990s by Abundant Faith and converted into an affordable housing project. Improvements made at the time consisted of major capital improvements to convert the structures into permanent housing units. The full scope of this project totals more than $3.3 million in construction and includes renovating the existing units with the following: all new interior finishes, new HV/AC systems, new windows and interior doors, new flooring, new roofs, energy-efficient plumbing and electrical upgrades, new Energy Star appliances, and other green/sustainable features. The community space will be improved with a new picnic area, bicycle racks, barbeque grill, gardening plots, upgraded surface parking, an office with community room meeting space, and a laundry facility.

The permanent financing for this project includes equity from the Illinois Housing Development Authority, the City of Springfield, and Abundant Faith Ministry itself. LISC Peoria closed on a $225,000 predevelopment loan with Abundant Faith on October 25 to bridge early-stage development costs for the rehabilitation of the King's Court project. LISC is excited to have the opportunity to support this organization and project in Springfield!

 

For more information on King's Court, visit: https://www.abundantfaith.org/kings-court/

For more information on LISC lending, visit: https://www.lisc.org/central-il/what-we-do/loans-investments/