NEWS RELEASE

NEEDED AFFORDABLE HOUSING BUILT IN VANDALIA For Release 11-06-97  A new $1.7 million apartment complex has been built in Vandalia. The Missouri Housing Development Commission (MHDC) is providing financing to MACO Construction who developed the Winwood Apartments located just off Highway 54, west of downtown on Gaslight. There will be a special "ribbon-cutting" ceremony on Wednesday, November 12, 1997, at 10:30 a.m. The Winwood Apartments development is a new 32-unit complex to be made available to low and moderate income families. "This quality new development will have very affordable rent prices, at just $310 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 need for safe, quality, affordable housing in Vandalia and the surrounding area, and now with the addition of the jobs that will come with the new correctional facility, that need has greatly increased." said Kalthoff. "Apartment complexes like these are aimed to help the rent burdened family have a nice place to live in Vandalia, and at the same time it benefits the community by helping maximize the economic benefits to the city." In October of last year, MHDC approved a $1.1 million, 1% loan the developer MACO Construction. Additionally, MHDC approved a $98,809 Federal Tax Credit and a $32,738 State Tax Credit for the developer. The combination of the tax credits and the low interest loan help the developer keep the rent prices very affordable. The tax credits are syndicated and this helps the developer provide equity to the development. MACO Construction, headed by Ken Maddox of Clarkton, MO, is an experienced developer known for quality production of affordable housing and is providing $638,000 in owner equity to the development. The Commission is comprised of the Governor, Lieutenant Governor, State Treasurer, Attorney General, and several other appointed commissioners. 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.