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Kim Lingle, MBL Development cuts the ribbon.NEW AFFORDABLE HOUSING COMPLEX BUILT IN BETHANY, GRAND OPENING EVENT HELD
For Release 09-12-97 

[Bethany, MO] A new affordable housing complex that was recently completed will be held a special grand opening event on Friday, September 12th. The development, "Bethany Plaza 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. An open house and lunch will took place from 11:00 a.m. and 4:00 p.m. and a ribbon cutting was held at 11:30 a.m.

Bethany Plaza ApartmentsA meeting of MHDC in April of 1996 resulted in approval for financing of the new 28-unit apartment complex in Bethany. The Commission approved funds of $868,800 to be loaned at a 1% interest rate to MBL Development to build this new affordable housing development. The funds come from the federal "HOME" program. MHDC also approved a $1.3 million federal tax credit and a $491,000 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 tax credits are issued over a ten year period. MBL Development also provided $810,920 in owner equity. The new apartments are located on the east side of 9th Street, south of the intersection of 9th Street and South Street.

Taking a tour!MHDC recommended the approval for several reasons including Bethany’s population growth and increasing job base that has left a need for quality affordable housing in Bethany.

"Bethany Plaza Apartments" is providing housing to low-income small and large family tenants, and income restrictions apply to prospective tenants. Monthly rent prices range from only $290 for a two bedroom unit to $320 for three bedroom units. Each apartment includes a range/oven, refrigerator, carpet, mini-blinds, central air conditioning, garbage disposal, and dishwasher. Laundry facilities and off-street parking are also provided.

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