Ceremony marks opening of 61 new apartments for seniors in St. Peters

       State Treasurer and MHDC Vice Chair Nancy Farmer joined local and regional officials for the opening of Canterbury Park Senior Apartments, a 61-unit affordable housing development June 5.

“It is very special to come to St. Peters and see the property and the people who live here,”  said Treasurer Farmer.  “It shows our deliberations and efforts are paying off.” 

Missouri Housing Development Commission provided a $1 million federal HOME loan and $428,250 in federal and state Housing Tax Credits to finance the project under the Rental Production and Preservation program.  Fannie Mae provided an additional $887,500 in financing.

The apartment complex for seniors is located along Salt Lick Road near Interstate 70 and was developed by the North East Community Action Corporation (NECAC) with Affordable Equity Partners, Inc., of Columbia. The $5.8 million development features two-bedroom apartments for people ages 62 and older who meet income guidelines.  Rent for each apartment will be $410 per month.

“I have great respect for what NECAC is doing in the region,” said Farmer.  “No one entity could do this alone.  Affordable housing is a great need in St. Charles County and we are so appreciative of our partners who help make this a success.”  She specifically noted the work of NECAC, Fannie Mae, the City of St. Peters, and the St. Peters Chamber of Commerce for their work on the project.

Cutting the ribbon to officially open the complex were State Treasurer Farmer, NECAC Executive Director Don Patrick, St. Peters Mayor Tom Brown, Chamber of Commerce Vice President Valerie Memeno, State Rep. Bill Luetkenhaus of Josephville, Fannie Mae St. Louis Partnership Office Director Clifton Berry, and St. Peters Alderman Rocky Reitmeyer. 

NECAC serves as general partner and is responsible for overall operation of the apartments. The community action agency won funding for the development through a competitive process conducted by MHDC each year.

MHDC has invested almost $4 billion in Missouri housing, covering every county of the state, for rental housing developments, home mortgages, loans to landlords for renovations, grants to neighborhood housing groups and other programs.  MHDC does not build or renovate housing itself; rather, it functions as a bank, providing financing directly to borrowers or through a network of private lending institutions. Most of MHDC's programs operate as a public-private partnership. The Commission was established to provide affordable housing to Missourians with lower incomes, but it also offers opportunities that assist people to become self-sufficient. By creating jobs, involving communities, eliminating barriers, and enabling Missouri residents with low and moderate incomes -- especially those in distressed areas -- to become more independent.

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