NEWS RELEASE

NEW AFFORDABLE HOUSING COMPLEX BUILT IN WEST PLAINS For Release 10-20-97  A new affordable housing complex recently completed in West Plains held a special grand opening event was held October 20th. The development, "Seminole Apartments", is expected to be filled 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 this new twenty-unit development. The development is being built by Ozark Action, Inc. in conjunction with Lockwood Group. Ozark Action, Inc., is a certified Community Housing Development Organization and Lockwood Group is an experienced developer. A market study showed that Howell County reflected a significant need for affordable rental housing. Over 18% of large family and 17% of small family households are rent burdened in Howell County. The Ozark Action, Inc. has expanded their development capacity by partnering with the Lockwood Group and working with the Missouri Housing Development Commission, the state’s housing finance agency. The new apartments are located at Seminole and Thayer Streets in the southeast section of West Plains, just north of US Highway 63. The site is well located in the community to provide quality rental housing and is in close proximity to local neighborhood amenities. A meeting of the MHDC in November of 1996 resulted in approval for financing of this new 20-unit apartment complex. The Commission approved a HOME CHDO loan of $522,200 to be loaned at a 1% interest rate to build this complex. MHDC also provided an operating expense grant totaling $15,000. MHDC also approved a $923,380 federal tax credit and a $369,520 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 developers also provided 605,470 in owner equity. 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. Picks: A view of the one of the three buildings The ribbon cutting State Representative Chuck Purgason addresses the attendees The gathering included local radio KALM AM/FM with live remotes