State Treasurer Nancy Farmer joined a large group from the Kennett Chamber of Commerce and the Delta Area Economic Opportunity Corporation (DAEOC) Oct. 22 to officially open the Cotton Boll Commons at 515 First Street in Kennett.  The project consisted of a combined rehabilitation of a former hotel with a new addition of affordable housing for seniors.

“Partnerships are what make developments like these possible,” said Treasurer, who also serves as Missouri Housing Development Commission vice chair.  “No one government entity, private business or community can build affordable housing alone.  It takes partnerships like this to make these projects possible.

The 33-unit senior apartment complex was rehabilitated by MACO Development, Inc. of Clarkton, Mo., through a cooperative effort with DAEOC and the Kennett community.  Missouri Housing Development Commission and the U.S. Department of Agriculture Rural Development financed the renovation project.  MHDC financing included a $592,000 federal HOME loan from MHDC at 0% over 40 years, a $158,000 USDA Rural Development grant, and $262,077 in federal and state Housing Tax Credits allocated by MHDC.  Affordable Equity Partners of Columbia, Mo., also participated as an investment partner in the development of the apartments.

The partners in the Kennett development also recently opened another facility in Bernie, Mo.

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