Date: March 05, 2004

Ceremony celebrates opening of 54 senior apartments

Words like “crime infested, rampant illegal drug traffic, and a detriment to the neighborhood” were used to describe the old Twin Elms Apartments during ceremonies Feb. 27 at the new Twin Elms Apartments at 41st and Troost in Kansas City.

One of only a few properties previously owned by MDHC, Twin Elms was part of the high-rise public housing of the 1950s and 1960s. In 2002, MHDC, Swope Community Builders and Alliance Property Group partnered to demolish the old buildings and build a new seniors apartment facility that will become a cornerstone of the Southwest Ivanhoe Neighborhood.

The $7.3 million apartment complex brings 54 one-bedroom apartments to a neighborhood that sorely needed housing that would allow seniors to stay near their lifelong homes.
“Missouri Housing Development Commission is proud to say that we are part of this partnership,” said State Treasurer and MHDC Vice Chairman Nancy Farmer. “To see what has risen at this site is something wonderful. Truly this will allow the seniors in this part of the city to stay close to their friends, family, churches and shops that they see every day”

The Swope Community Builders and the Alliance Property Group partnered to construct the apartments with financing from the Missouri Housing Development Commission. The 54 one-bedroom apartments are slated to rent at $435 including a utility allowance. Also part of the development is a 4,500-square-foot community building that includes a community room, kitchen and office space.

MHDC financing included a federal HOME loan, federal and state Rental Housing Tax Credits and the Affordable Housing Assistance Program tax credit. The Kansas City Housing and Economic Development Corporation contributed an additional federal HOME loan.

The seniors’ complex targets persons at least 55 years old who earn less than 50 percent ($23,940) or 60 percent ($28,728) of the area median income. The property will be managed by Yarco Companies of Kansas City. For more information, call the apartment complex offices at 816.923.1455.

                                                                                     
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