Branson/Tri-Lakes News: Developers prepare plans for affordable housing

MHDC, the state’s housing finance agency, will vote on the funding, distributed via 9 percent tax credits in fiscal 2008, on Aug. 17 in Jefferson City. MHDC has invested almost $5 billion for rental housing developments, preservation of affordable rental housing, home mortgages, home improvement loans, grants to neighborhood housing groups and other housing programs, according to the commission.

Waiting list

Rick Huffman, a partner with Branson-based HCW Development Co., plans to submit this fall a proposal to MHDC seeking $500,000 in tax credits for 80 apartment units to be located off of Bird Road in Branson. Huffman said his company has set aside a portion of 16 acres there for affordable housing. Rent for the proposed apartments would be $435 to $500 monthly.

The two- and three-bedroom units, would have the same floor plan as those at Country Ridge, which HCW has been building at 2550 State Highway 248. HCW received $2.8 million in state financing as well as tax-exempt bonds for the first two phases of that project. Huffman said the first 60 units of Country Ridge are occupied. The second 40 units, to be completed in February, have 120 qualified applicants on a waiting list.

“There’s a definite, big need down here,” Huffman said.

A 2005 housing study commissioned by the city of Branson and Taney County revealed that the county needed more than 1,800 new affordable rental units. The report did not include the housing required for about 3,000 new hires between Branson Landing, Home Depot and Target in 2006.

Single-family minded

John Harpole hopes to build 48 single-family homes at Ridgecrest II, slated for 15 acres next to his 160-unit Ridgecrest Apartments now under construction on the north side of State Highway F at Bull Creek in Taney County.

Harpole, owner of Springfield-based New Beginnings Development LLC, said the three-bedroom, two-bath homes would be about 1,800 square feet and have attached garages. The homes would rent for $500 a month with an optional tenant buyout after 15 years at a 50 percent discount of the market price.

He estimated the cost of his project to be $4.5 million.

Forsyth bound

Marie and Joe Carmichael, owners of Springfield-based Affordable Homes Development Inc., are seeking financing for two apartment buildings of more than 30 units in downtown Forsyth.

“That side of Taney County has not had affordable housing,” Marie Carmichael said.

Joan Chowning, director of the Taney County Office of Economic Development, assisted the Carmichaels with their planning.

“Forsyth has pledged their support,” Chowning said. “We know economic development is coming in eastern Taney County.”

Chowning added that a KFC/Taco Bell restaurant, to be built near the proposed housing site, would generate more than 40 jobs.

Marie Carmichael said the proposed apartment complex, called The Woodlands, would be built on six acres at Coy Boulevard and Tower Road, across from Forsyth High School. The Carmichaels intend to model the project after their Heatherwood Apartments at Scenic and Bennett avenues in Springfield. The Forsyth units, with lease rates of $345 to $400 a month, would have two or three bedrooms and two bathrooms.

Carmichael said her company plans to partner with Ozarks Area Community Action Corp. for services to apartment tenants. She said final construction costs are yet to be determined.

What is MHDC?

Missouri Housing Development Commission is the state’s housing finance agency that functions as a bank, working directly with borrowers or through a network of private lending institutions. Commissioners are:

(by Missouri statute)

• Gov. Matt Blunt

• Lt. Gov. Peter Kinder

• Treasurer Sarah Steelman

• Attorney General Jay Nixon

(by governor’s selection)

• Richard F. Baalmann Sr., of Kirkwood, chairman

• Rob Fulp, of Springfield, vice chairman

• Claudia L. Onate Greim, of Kansas City, secretary-treasurer

• Bill Luetkenhaus, of O’Fallon

• Loren Cook II, of Springfield

One position is vacant.

Affordable Housing Workshops

The Aug. 27–30 Governor’s Conference on Economic Development at the University Plaza Hotel & Convention Center in Springfield will cover two days of housing workshops. The housing conference includes discussions on work force housing, foreclosures, rentals and senior housing. More information can be found at the MHDC Web site at www.mhdc.com.