Cedarwood Terraces

A new rental community on Springfield's north side, called Cedarwood Terraces, will provide homes to 48 families by late April.

The nearly $4 million townhouse community is being developed by Zimmerman Properties LLC and Wilhoit Properties Inc. will manage it. The general contractor is St. Louis-based Ameriwest Inc. and Dan Scott of The Design Agency is the project's architect.

The development, which totals 50,300 square feet, offers 32 two-bedroom units and 16 three-bedroom units that will rent for $370 and $460, respectively. The two-bedroom townhouses are 982 square feet and the three-bedroom townhouses are 1,118 square feet.

The lower-than-average rates are possible through special financing from the Missouri Housing Development Commission and the tax credit program provided in Section 42 of the Internal Revenue Service Tax Code. Families with annual incomes in the $20,000 to $34,000 range are eligible. Amenities of the complex include a playground and a barbecue area with picnic seating.