Release No. 2000-10-19
October 16, 2000

Grand Opening Ceremonies Set for Redwood Properties in Joplin

KANSAS CITY, Missouri -- A Grand Opening Ceremony is planned for Redwood Towers, 1631 Rex Avenue in Joplin, at 11 a.m., Friday, Oct. 27with the ribbon cutting at 11:30 a.m. Tenants have already begun to move into the 36-unit affordable housing development. The property is being developed by the Red-Wood Development, Inc., a Joplin-based developer.

The development includes 24 two-bedroom, two bath units renting for $270 per month and 12 three-bedroom, two bath units renting for $320 per month. Two of the units are specifically for handicapped persons. The property will be managed by Bell Management, Inc., an affiliated company of Red-Wood Development. The apartment complex includes a clubhouse with kitchen facilities, exercise room, laundry facilities and a playground.

The $2.45 million apartment complex was funded through the Missouri Housing Development Commission with a $550,000 federal HOME loan at one percent interest for 30 years and $175,000 in federal and state Housing Tax Credits over the next 10 years.