NEWS RELEASE

NEEDED AFFORDABLE HOUSING BEING BUILT IN MONETT For Release 10-23-97  A new $2.5 million apartment complex is on the agenda for Monett. The Missouri Housing Development Commission (MHDC) is providing financing to the Jeffrey E. Smith Companies who will develop the Monett Meadows Apartments to be located just off Business Highway 60, on the eastern edge of Monett. A special "ground-breaking" ceremony for the Monett Meadows Apartments was held October 23rd. The Monett Meadows Apartments development will involve the new construction of 40 two-bedroom apartment units to be made available to low and moderate income families. "This quality new development will have very affordable rent prices, at just $330 for a two bedroom unit," stated James Kalthoff of MHDC. "MHDC is in the business of providing affordable housing opportunities to low and moderate income families, and this is just another example of what can be done when a private developer and MHDC partner to build such housing." "There is a great need for safe, quality, affordable housing in the Lawrence and Barry County area," said Kalthoff. "Apartment complexes like these are aimed to help the rent burdened family who earns less than 50% of the area median income." In June of this year, MHDC approved a $1.1 million loan the developer Jeffrey E. Smith Companies. Since the money is loaned at just a 1% interest rate, the developer can keep the rent prices low. Additionally, MHDC approved a $223,272 Federal Tax Credit and a $232,272 State Tax Credit for the developer. These tax credits will help the developer provide equity to the development. The Jeffrey E. Smith Companies is an experienced developer known for quality production of affordable housing and is providing $1.3 million in owner equity to the development. MHDC has dramatically affected the lives of many Missouri citizens for over 25 years, and it has done so with virtually no monetary assistance from the taxpayers of the state. MHDC is a self-supporting state agency that has boosted the state economy through construction and real estate activity while increasing the supply of affordable housing in Missouri. The mission of MHDC is to provide safe, quality, affordable housing to low and moderate income citizens of Missouri. More information about MHDC can be found on the web at www.mhdc.com. The Pictures: The groundbreaking ceremony State Representative Linda Bartelsmeyer addresses the crowd Jeffrey E. Smith, developer addresses the crowd