NEWS
RELEASE
 NEW
ELDERLY HOUSING OPENS IN COLUMBIAFor Release 10-22-97 A new affordable housing complex for elderly residents which was recently completed in Columbia held a special grand opening event on Wednesday, October 22nd. State and local officials attended the event, including Lieutenant Governor Roger Wilson and Columbia Mayor Hindman.
The new apartments are located approximately a half mile northeast of the intersection of Highway 63 and Interstate 70. With Columbia’s extensive health facilities, public transportation and low cost of living, the number of elderly moving to Columbia is growing daily. This is apparent in census data showing that affordable housing for the elderly is in great need in the Boone County area and all over the state. Low and moderate income seniors will have a much greater opportunity to find safe, attractive affordable housing thanks to Hanover Estates. 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. This development was a unique package involving MHDC, the Federal Home Loan Bank, the City of Columbia, Jeffery E. Smith Companies and more. The total development costs are estimated at $4.5 million. A meeting of MHDC in October of 1995 resulted in approval for financing of this new 60-unit apartment complex. The Commission approved a $1.1 million loan to the developer, Jeffrey E. Smith Companies. MHDC also approved a $3.6 million federal tax credit and a $1.4 million 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 federally-funded Columbia HOME program provided an additional loan of $750,084. This Columbia HOME loan was unique and significant in that the City committed two years of their HOME funding in advance. The Jeffrey E. Smith Companies provided $2.2 million 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. Pictures:
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The
development, "Hanover Estates", developed by the Jeffrey E. Smith Companies,
has already begun to fill with residents enjoying lower rent prices thanks
to low interest financing and tax credits from the Missouri Housing Development
Commission (MHDC) and the City of Columbia which supplied "HOME" funds, a
federally funded program.
Hanover
Estates is being rented to low and moderate income elderly tenants. Rent
prices are very affordable at $345 for a one-bedroom unit and $374 for a
two-bedroom unit. Since the development is being made available to low and
moderate income senior adults, income restrictions apply to prospective tenants.
The development includes a 3,500 square foot accessory building which includes
a community area for tenants. The Central Missouri Counties’ Human
Development Corporation and Columbia Services for Independent Living will
hold workshops in the community area. An exercise program, crafts and games
will also be available.
"This is the kind of development that demonstrates what the
Missouri Housing Development Commission is all about," said Lieutenant Governor
Roger Wilson, who serves on the Commission. "This development will address
many of the housing needs in Boone County."