1997-07-02 Media Release - New Affordable Housing in Clinton

NEWS RELEASE

For Release on 07/02/97 --
NEW AFFORDABLE HOUSING COMPLEX BUILT IN CLINTON
GRAND OPENING EVENT HELD
A new affordable housing complex that was recently completed held a special grand opening event on Thursday, July 3rd. The development, "Clinton Apartments", has already begun to fill with residents enjoying lower rent prices thanks to help from the Missouri Housing Development Commission (MHDC) which supplied low interest financing and tax credits for the development.
A meeting of MHDC resulted in approval for financing of the new 24-unit apartment complex in Clinton. The Commission approved MHDC funds of $678,200 to be loaned at a 1% interest rate to Red-Wood Development to build this new affordable housing development. MHDC also approved a $766,950 federal tax credit and a $306,780 state tax credit for the development. The tax credits are an essential part in the development because they help the development raise equity thus resulting in lower rent prices for the tenants. The contractor for the development is Hite Construction company.
High Five with Treasurer Holden MHDC recommended the approval for several reasons including Clinton’s population growth and industrial expansion that has left a need for quality affordable housing in Clinton. The need for additional housing was well documented to MHDC by city officials and community agencies.
"Clinton Apartments is the product of a mutually beneficial partnership between the state and a private developer that will help fill a critical need for attractive, affordable housing for low and moderate income Missourians," said State Treasurer Bob Holden, who also serves on the Commission. "Industries in the area have expressed a need for affordable housing so they can attract the workers they need, and I’m very pleased the state could play a role in bringing this attractive development to Clinton."
"Clinton Apartments" is providing housing to low and moderate income families, and income restrictions apply to prospective tenants. Monthly rent prices range from $240 to $255 for two bedroom units. Each apartment includes a range/oven, refrigerator, common laundry, washer & dryer hookups in each unit, blinds, air conditioning, garbage disposal, trash removal and dishwasher. Off-street parking is also provided.
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				NEWS RELEASE
				For Release on 07/02/97 -- NEW AFFORDABLE HOUSING COMPLEX BUILT IN CLINTON GRAND OPENING EVENT HELD A new affordable housing complex that was recently completed held a special grand opening event on Thursday, July 3rd. The development, "Clinton Apartments", has already begun to fill with residents enjoying lower rent prices thanks to help from the Missouri Housing Development Commission (MHDC) which supplied low interest financing and tax credits for the development. A meeting of MHDC resulted in approval for financing of the new 24-unit apartment complex in Clinton. The Commission approved MHDC funds of $678,200 to be loaned at a 1% interest rate to Red-Wood Development to build this new affordable housing development. MHDC also approved a $766,950 federal tax credit and a $306,780 state tax credit for the development. The tax credits are an essential part in the development because they help the development raise equity thus resulting in lower rent prices for the tenants. The contractor for the development is Hite Construction company. MHDC recommended the approval for several reasons including Clinton’s population growth and industrial expansion that has left a need for quality affordable housing in Clinton. The need for additional housing was well documented to MHDC by city officials and community agencies. "Clinton Apartments is the product of a mutually beneficial partnership between the state and a private developer that will help fill a critical need for attractive, affordable housing for low and moderate income Missourians," said State Treasurer Bob Holden, who also serves on the Commission. "Industries in the area have expressed a need for affordable housing so they can attract the workers they need, and I’m very pleased the state could play a role in bringing this attractive development to Clinton." "Clinton Apartments" is providing housing to low and moderate income families, and income restrictions apply to prospective tenants. Monthly rent prices range from $240 to $255 for two bedroom units. Each apartment includes a range/oven, refrigerator, common laundry, washer & dryer hookups in each unit, blinds, air conditioning, garbage disposal, trash removal and dishwasher. Off-street parking is also provided. - END - Return to Press Release List