Stawberry Meadows LogoStrawberry Meadows

Crosswalk Community Action Agency
Project Name: Strawberry Meadows
Location: West Frankfort, Illinois
Number of Units: 42 Rental Units
Completion Date: 2003

Stawberry MeadowsStrawberry Meadows was established in West Frankfort, Illinois in Franklin County in March 2002 with ground breaking beginning on the development in November 2002. Strawberry Meadows consists of 42 units that are leased to low-income and very low-income families. Illinois Community Action Development Corporation and Budslick Management are the general partners in the project with Budslick serving as the property manager and holding 99% of the managing partner interest. The majority of the property was funded by tax credits totaling $2,343,382.00 and an IHDA loan totaling $1,850,000.00. The tax credits for the project were sold to USA Institutional Tax Credit Fund XXVIII, LP, Illinois Equity Fund, and Richman Group Capital Corporation in order to fund the construction and development of the project. Partnership interest for the above mentioned limited partners is 69.97%, 30%, and .01% respectively, with both general partners holding a .01% partnership interest. The Community Action Agency that encompasses the project is known as Crosswalk Community Action Agency. Strawberry Meadows reports a healthy waiting list as well as consistently high occupancy levels year round.

 

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