MEDIA ADVISORY
3435 Broadway, Kansas City, Missouri 64111; Fax: 816-759-6828

Release No. 2001-01-01
January 22, 2001

Detailed list by region

News release on 2001 rental production funding December 2000

[Kansas City] -- Four more affordable housing developments were approved for fiscal year 2001 funding by the Missouri Housing Development Commission during its monthly meeting in Jefferson City Jan. 19.  Thirty-seven developments were approved for funding by the Commission in December.  Additionally, the overall financing source for three of the 37 approved developments was revised. 

With the passage of the year-end 2000 tax bill, Missouri will be the recipient of an almost $1.4 million in additional Low Income Housing Tax Credits.  The total allocation by the state was raised from $1.25 per capita to $1.50 for fiscal year 2001.  The credit increases to $1.75 per capita in fiscal year 2002.

 The four additional developments approved for funding include:

• Capital City II, a 50-unit elderly housing development proposed by City of Jefferson Housing Authority, received $433,434 in federal and state Housing Tax Credits and a $850,000 federal HOME loan.
• Hawthorne Estates, Harrisonville, proposed by West Central Community Agency (Appleton City), received $233,900 in federal and state Housing Tax Credits and a $1,000,000 HOME loan
• Jewell Apartments, a 15-unit family rehab proposal, 920 Broadway, Kansas City, was approved for $135,910 in federal and state Housing Tax Credits.  The rehabilitation work was proposed by DLS Historic Developer.
• Woodcrest  Village Apartments, a 30-unit family development near Highway 21, in Desoto, was approved for $237,917 in federal and state Housing Tax Credits and a $320,600 HOME loan

Revised funding included the following:

• Meadowbrook Apartments, a 25-unit elderly development on Sugar Maple Drive in Piedmont was originally approved for a $1,458,000 HOME CHDO Loan.  The East Missouri Action Agency will now receive $124,700 in federal and state housing tax credits and a $235,400 federal HOME loan.
• Butler Plaza II Apartments, a 20-unit family development in Butler, was originally approved for a $1.5 million HOME loan.  MBL Development will now receive $123,075 in federal and state housing tax credits and a $321,063 federal HOME loan.
• WCSA Homes in Wellston was originally funded as a 20-unit development with $260,000 in federal and state tax credits and a $500,000 federal HOME loan.  With an increase to $363,880 in federal and state tax credits, St. Louis Public Development Corporation XXII  will now be able to build an additional six units.  The loan amount was not changed.

The additional funding allocations will allow 145 more housing units to be built under the fiscal 2001 funding cycle.  All 41 developments funded this year will provide Missourians with 1,598 units of affordable housing. 

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More detailed information about the funding requested is available at http://www.mhdc.com/ or through Brandon Laster, Public Information Coordinator, (816) 759-6692 or blaster@gmail.com.