MEDIA RELEASE
Contact: Brandon Laster, Public Information Officer
(816) 759-6692

FOR IMMEDIATE RELEASE

Release No. 98-05-07
May 28, 1998

JOPLIN APARTMENT DEVELOPMENT APPROVED FOR TAX CREDITS

[Kansas City, Mo.] The Missouri Housing Development Commission has approved the Park Apartments in Joplin for almost $500,000 in state and federal tax credits. The 192-unit apartment complex is located on the north side of Campbell Parkway, just west of Connecticut Avenue and south of 8th Street.

The Commission approved $246,407 in federal tax credits and $246,407 in state credits for the property. The new owner, Kelcor, Incorporated, plans to rehabilitate the 22-year-old development. The tax credits will be syndicated to raise approximately $2.5 million in equity.

"Kelcor has a good plan to rehabilitate this property and it will definitely provide solid, affordable housing in the area," says Erica A. Dobreff, MHDC deputy director for production.

Kelcor submitted a proposal to spend $1.4 million in capital improvements. The development will be financed with $4.8 million in proceeds from tax exempt bonds issued by the Industrial Development Authority of the City of Joplin, from the Department of Economic Development's 1998 state allocation.

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NOTE: For more information about MHDC or tax credits, contact Brandon Laster, MHDC Public Information Officer, (816) 759-6692 or blaster@gmail.com. Questions about the specifics of the project should be directed to Christine Robinson, Kelcor, Inc., Kansas City, Mo., (816) 421-4670.