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

Release No. 98-07-09b
July 7, 1998

MISSOURI HOUSING APPROVES FINANCING FOR APARTMENTS

[Kansas City, Missouri] -- The Missouri Housing Development Commission approved a 136-unit development in St. Robert for federal and state tax credits today. The commission gave Miracle Design, Incorporated (James Holtzman, principal) approval for a $426,000 federal tax credit and a $188,000 tax credit. Tax credits are sold by the developer to produce equity for financing the development.

"This is in direct response to the need for additional housing for the expansion at the Fort and throughout the area," said Richard Grose, MHDC Executive Director. "We have worked diligently with Pulaski Cfounty officials and the developer to ensure high-quality, affordable housing will be available in the area."

The Pulaski County Industrial Development Authority has already approved $7.07 million in tax exempt bonds for the almost $9.2 million development.

The proposal includes 23 two-bedroom townhouses at $322 per month and three bedroom townhouse units at $371 as part of MHDC's affordable housing program. The remaining 57 two-bedroom units and 49 three-bedroom units will be rented for $610 and $735, respectively.

The proposal is in response to the MHDC Notification of Funding Availability for developments in direct support to the expansion of Fort Leonard Wood.

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The mission of MHDC remains to provide quality, safe, affordable housing for low and moderate-income citizens of Missouri. MHDC is Missouri's housing finance agency. MHDC administers several different programs aimed at providing safe, quality affordable housing to low and moderate income citizens of Missouri.