State Treasurer to open Rolla senior apartments

State Treasurer and MHDC Commissioner Nancy Farmer will officiate 11 a.m., Wednesday, July 31, at the grand opening of the Park Place Senior Apartments in Rolla. Erica Dobreff, Missouri Housing Development Commission Executive Director, will also attend the event.

The 48-unit apartment complex at 415 Lanning Lane is being developed by Brown Construction and Jeffrey E. Smith Companies of Columbia and is being financed through MHDC. Financing includes a $1,015,246 federal HOME loan and $273,709 in federal and state Housing Tax credits.

The Park Place apartments are part of the Housing Tax Credit program, designed to maintain affordable housing for Rolla senior residents. All applicants for the housing must be 62 years old or older. The Housing Tax Credit program provides a federal tax credit to investors in affordable housing. The credit can be used each year for 10 years and is allocated to developers, who may sell it to raise equity to construct or acquire and rehabilitate affordable rental housing.

MHDC is the sole Missouri agency for allocation of Housing Tax Credits and also allocates federal HOME money for areas located outside of entitlement communities.