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

Release No. 98-11-30
Nov. 12, 1998

Apartment Complex Brings Affordable Housing For Seniors

[Kansas City, Missouri] The Red-Wood Gardens grand opening brings more affordable housing for seniors to Joplin. The grand opening for the complex at 1501 Rex Avenue in Joplin will be held Nov. 16, 11 a.m. to 1 p.m.

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 housing tax credit and a $175,105 state housing tax credit. The seniors development consists of 48 one-bedroom and eight two-bedroom units for seniors. Four of the units have been built specifically to house handicapped seniors. The units will rent at $235 per month for one bedroom and $310 for two bedrooms.

"The state, through MHDC, is committed to building partnerships that will bring more safe, decent, affordable housing to Missouri's low and moderate income individuals, senior citizens and families," said State Treasure Bob Holden, a member and former chairman of MHDC. "I'm pleased the state is playing a role through MHDC to help finance the construction of Red-Wood Gardens, which will serve low- and moderate-income seniors in the Joplin area."

Other Joplin businesses participating in this development project 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, MHDC Commissioner H. Darrell Waisner and MHDC Executive Director Richard Grose are scheduled to attend the grand opening ceremony. Contact Brenda Brand, Red-Wood Development, Inc., for more information concerning the development or the ceremony at (417) 624-4144.