NEWS
RELEASE
 NEW
ELDERLY HOUSING COMPLEX BUILT IN BERKELEYFor Release 10-14-97 A new affordable housing complex for elderly that was recently completed in Berkeley and held a special grand opening event on October 14th. State and local officials attended the event. The development, "Heritage 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. St. Louis County also loaned money from the federally funded HOME program.
The new apartments are located directly behind the existing Heritage Nursing Care Center. This nursing care facility will provide many supportive services to residents of Heritage Apartments. Some of the services being provided visiting nurses, meals on wheels, field trips, transportation, exercise programs. Tenants will also enjoy amenities like a community room, on-site laundry facilities, security entry systems, emergency alarms and safety rails.
The Missouri Housing Development Commission is the state agency whose mission is to provide quality, safe, affordable housing for low and moderate income citizens of Missouri. More information about MHDC can be found on the web at www.mhdc.com.
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The latest census data indicated
a need for elderly housing in the area. St. Louis County’s need for
elderly housing was reported to be higher than the statewide average. The
Heritage Apartments are being rented to low income elderly tenants. Rent
prices are very affordable at $250 to $300 for a one-bedroom unit. Since
the development is being made to low income senior adults, income restrictions
apply to prospective tenants. The development will offer a variety of supportive
services and social programs unavailable in senior apartments of comparable
price.
"Low and moderate income
seniors will have a much greater opportunity to find safe, attractive affordable
housing thanks to Heritage Apartments," said State Treasurer Bob Holden,
who serves on the Missouri Housing Development Commission. "This beautiful
development is the product of a mutually beneficial partnership between the
state, the county and a private developer that will help meet a critical
need for affordable housing in Missouri. Our experience shows that the best
way to meet the need for affordable housing is through this kind of
public/private partnership."
A meeting of MHDC in December
of 1995 resulted in approval for financing of this new 30-unit apartment
complex. The Commission approved MHDC funds of $577,350 to be loaned at a
1% interest rate to The Lockwood Group, the developer, to build this complex.
MHDC also approved a $1.3 million federal tax credit and a $548,000 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. The St. Louis County HOME program provided an additional loan
of $135,957. The Lockwood Group also provided $736,485 in owner equity.