Under ConstructionDevelopers and Advisors for
Quality Affordable Housing Development

Assisted Living

Heritage Woods of Charleston

Lincoln Trails Place Limited

Major Funding Partners:
Peoples National Bank
Illinois Housing Development Authority
American Recovery and Reinvestment Act of 2009 (ARRA)

Charleston, IL

68 unit supportive living facility with dining room, wellness room with exercise equipment, laundry, a library and activity rooms.

Development Cost:

Finance Sources:
Private Bank Loan
USDA 538 loan guarantee
“Disaster Area Tax Credit”
2009 Federal Stimulus Funds

Heritage Woods of Charleston is a 68 unit supportive living facility for the frail elderly that provides a full range of services including 24-hour supervision, three meals per day, medication reminders and health assessments, recreational and social programming.

The ownership is a Charleston-area community leader and private developer. The Laubacher Company was the project’s financing coordinator. Our roles included: managing all budgets and forecasts and coordinating the overall bank, USDA and IHDA application processes. The Laubacher Company arranged for equity financing by applying for a special Midwest flood “disaster area” tax credit allocation, then later arranging for the exchange of this tax credit allocation for $6.6 million of grant funds under the 2009 federal economic stimulus package, the American Recovery and Renewal Act.

The Laubacher Company managed the entire financing process from soliciting proposals from lenders, providing due diligence responses for the USDA Rural Development 538 guarantee program, and acting as the primary liaison with the legal team in the closing process. This role extends into construction, with The Laubacher Company overseeing all construction funding draws.