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

Release No. 98-10-25
Oct. 26, 1998

Grand Opening Slated for Joplin Senior Facility

[Kansas City, Missouri] Red-Wood Development, Inc. of Joplin will hold a grand opening ceremony for Red-Wood Manor, an affordable housing development for seniors, 11 a.m. to 1 p.m., November 16, at 1501 Rex Avenue in Joplin, Missouri.

The Red-Wood Development, Inc. $3.4 million facility was partially financed by Missouri Housing Development Commission through a $958,700 HOME mortgage and a $270,000 HOME surplus cash note second mortgage. The development also received a $194,561 federal tax credit and a $175,105 state tax credit. The development includes 48 one-bedroom and eight two-bedroom units for seniors. Four of the units have been built to specifically house handicapped seniors. The units will rent at $235 per month for one bedroom and $310 for two bedrooms.

"We are very happy to partner with Red-Wood to meet the needs of the senior citizens of Joplin," said Richard Grose, MHDC Executive Director. "This shows how partnerships such as this can enhance the availability of affordable housing in our state."

Other Joplin businesses who have participated in the development include Parrish, Jacobs, Risenmy & McPherson; Turk & Giles, CPAs, P.C.; Anderson Engineering, Inc.; Bell Management, Inc.; and the City of Joplin. Commerce Bank in Joplin provided construction financing.

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NOTE TO MEDIA REPRESENTATIVES: State Treasurer Bob Holden and MHDC Executive Director are tenatively scheduled to attend the grand opening ceremony. Contact Brenda Bland, Red-Wood Development, Inc., for more information concerning the development or the ceremony at (417) 624-4144.