Contact:  Brandon Laster, 816-759-6692

Treasurer Nancy Farmer cuts ribbon for El Dorado Springs Seniors Complex

State Treasurer Nancy Farmer joined El Dorado Springs City Manager Bruce Rogers in a ribbon cutting ceremony to mark the grand opening of the Spring Place Apartments at the corner of Allison & Sunset in El Dorado Springs July 2. The State Treasurer serves as Vice Chair of the Missouri Housing Development Commission (MHDC).

The 24-unit development for seniors was developed by Red-Wood Development Company of  Joplin, Mo. Two of the apartments are accessible to the disabled and are also equipped for those with hearing and visual impairments.
The $ 1.2 million project is being financed with a $750,000 USDA Rural Development loan at 1 percent for 30 years with $43,682 in federal and state Low Income Housing Tax Credits allocated by MHDC. Arvest Bank of Joplin supported the development with a $1,053,000 construction loan.

The 687-square-foot apartments are set to rent at just $335 per month. The development also includes a Community Room with common activity area, kitchen/dining area, laundry facility, restrooms and an office with storage space.

“It is very satisfying to come to El Dorado Springs and see the development,” said Treasurer Farmer. “We are very proud of the quality living this property will provide for seniors in the community and congratulate all the partners involved. These partnerships of community, private and state resources provide a great team for developing apartments for seniors in Missouri communities.”

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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