2000-07-15b Media Release - Missouri State Treasurer Bob Holden

Missouri Housing Development Commission
Media Release
Contact: Brandon Laster, Public Information Officer, (816) 759-6692

July 10, 2000 Photo

Release No. 2000-07-15

State Treasurer Bob Holden Cuts Ribbon for Housing Units in Independence

Low and moderate income seniors in the Independence area will have a much greater opportunity to find attractive, affordable housing thanks to a 36-unit apartment complex that was formally dedicated at 10 a.m. Monday (July 10) in Independence.
State Treasurer Bob Holden, a commissioner and former chair of the Missouri Housing Development Commission (MHDC), joined Independence Mayor Ron Stewart and other local officials to cut the ribbon at Regency Manor, 1710 S. Swope Drive in Independence.

"Regency Manor is the product of a mutually beneficial partnership between the state, the city and a private developer that will help fill a critical need for safe, attractive affordable housing for low and moderate income senior citizens in this area," Holden said. "Our experience in Missouri shows that the best way to create more affordable housing is through public-private partnerships like the one that made this project possible."

The development is the result of a partnership between MHDC, and Jeffery E. Smith Development, Inc., a private sector developer based in Columbia, Mo. To keep rental rates lower than market rate, MHDC provided a $926,300 loan at 1 percent interest for 25 years. It also authorized a total of $5.3 million in federal and state low income housing tax credits over 10 years. The sale of these tax credits helps the developer raise equity for the project, resulting in lower rental rates for tenants.

Holden characterized Regency Manor as a "win-win" project for residents and the state.

"Everyone involved in this development comes out a winner," Holden said. "The state wins by encouraging development of a type of housing that is in short supply. The private developer wins by having the opportunity to build and manage an attractive housing complex. And the community wins by helping meet a critical need for affordable housing."

All of the apartments in the Regency Manor development include two-bedrooms; fully equipped kitchens, including refrigerators, ranges and dishwashers; carpet, mini-blinds, air conditioning and trash removal. The monthly rent for the units will be $395.

The project is being built and managed by Jeffery E. Smith Development of Columbia. The firm specializes in developing and building quality affordable housing.

MHDC is a state agency created in 1969 to assist in the creation of affordable housing for low and moderate income Missourians. Funds for MHDC are derived from the sale of tax-exempt housing bonds. MHDC has financed approximately 60,000 units of low and moderate income housing through the issuance of more than $2.5 billion in housing bonds.

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Note to Media: For more information about MHDC programs, the Low Income Housing Tax Credit or federal HOME loan program, see the Programs section of our web site at http://www.mhdc.com.

Missouri Housing Development Commission Media Release Contact: Brandon Laster, Public Information Officer, (816) 759-6692
July 10, 2000 Photo	Release No. 2000-07-15
State Treasurer Bob Holden Cuts Ribbon for Housing Units in Independence
Low and moderate income seniors in the Independence area will have a much greater opportunity to find attractive, affordable housing thanks to a 36-unit apartment complex that was formally dedicated at 10 a.m. Monday (July 10) in Independence. State Treasurer Bob Holden, a commissioner and former chair of the Missouri Housing Development Commission (MHDC), joined Independence Mayor Ron Stewart and other local officials to cut the ribbon at Regency Manor, 1710 S. Swope Drive in Independence. "Regency Manor is the product of a mutually beneficial partnership between the state, the city and a private developer that will help fill a critical need for safe, attractive affordable housing for low and moderate income senior citizens in this area," Holden said. "Our experience in Missouri shows that the best way to create more affordable housing is through public-private partnerships like the one that made this project possible." The development is the result of a partnership between MHDC, and Jeffery E. Smith Development, Inc., a private sector developer based in Columbia, Mo. To keep rental rates lower than market rate, MHDC provided a $926,300 loan at 1 percent interest for 25 years. It also authorized a total of $5.3 million in federal and state low income housing tax credits over 10 years. The sale of these tax credits helps the developer raise equity for the project, resulting in lower rental rates for tenants. Holden characterized Regency Manor as a "win-win" project for residents and the state. "Everyone involved in this development comes out a winner," Holden said. "The state wins by encouraging development of a type of housing that is in short supply. The private developer wins by having the opportunity to build and manage an attractive housing complex. And the community wins by helping meet a critical need for affordable housing." All of the apartments in the Regency Manor development include two-bedrooms; fully equipped kitchens, including refrigerators, ranges and dishwashers; carpet, mini-blinds, air conditioning and trash removal. The monthly rent for the units will be $395. The project is being built and managed by Jeffery E. Smith Development of Columbia. The firm specializes in developing and building quality affordable housing. MHDC is a state agency created in 1969 to assist in the creation of affordable housing for low and moderate income Missourians. Funds for MHDC are derived from the sale of tax-exempt housing bonds. MHDC has financed approximately 60,000 units of low and moderate income housing through the issuance of more than $2.5 billion in housing bonds. -30- Note to Media: For more information about MHDC programs, the Low Income Housing Tax Credit or federal HOME loan program, see the Programs section of our web site at http://www.mhdc.com.