MHDC to fund 9 southwest Missouri housing projects

The commission approved 39 projects out of 114 proposals for 2007 funding. Those projects, which also include developments in Joplin, Carthage, Lebanon and Neosho, are expected to provide a total of 1,335 affordable housing units.

MHDC-approved funding for 2007 totaled $43.8 million; about $144 million was requested.

Springfield developer Affordable Homes Development Inc. will receive $4.9 million for Heatherwood Apartments, a multifamily complex on 2.63 acres at Scenic Avenue and Bennett Street. The complex would have 24 two-bedroom apartments, each at 1,096 square feet, leasing for $375 per month. Another 15 three-bedroom units comprising 1,271 square feet would lease monthly for $395.

Developer Ingram Investments Inc. will use MHDC funds to create Ozark Trails at the corner of North 25th Street and West Spring Drive in Ozark. To build the complex’s 60 two- and three-bedroom units, Ingram will receive $8.1 million in construction financing and $1.5 million in a HOME loan. Construction is slated to begin in June and end in September 2008. Rent at Ozark Trails would be $390 for the smaller units and $490 for the larger.

Developers Red-Wood Development Inc. and Schroeder Ash Grove LLC will receive $189,304 in MHDC tax credits to purchase and renovate a 48-unit elderly complex in Ash Grove, called Ash Grove Seniors LP. One complex, 300 N. Bentley, will have 26 one- and two-bedroom units; a second complex, 112 N. Exchange, will have 20 one-bedroom units. Rent is anticipated to be $320 and $345 per month for the one- and two-bedroom units, respectively. Other financing for the Ash Grove project will come from Raymond James Tax Credit Funds Inc., Schroeder Equity Partners LLC, Arvest Bank and the assumption of USDA Rural Development debt.

HCW LLC plans to develop the second phase of Country Ridge Residences in Branson with MHDC funding. The proposed complex will have 40 affordable and market-rate apartments, adjacent to 60 units now under construction. Unit sizes will range from 865 square feet to 1,125 square feet, and rent will fall between $430 per month and $610 per month, depending on size. Phase II construction is slated to begin in the spring and be complete by spring 2008.

Projects were chosen based on need, local support, preservation of project-based rental assistance, neighborhood revitalization, senior housing, single-family home ownership potential, special features, construction quality and work force housing in growing areas.

The commission administers rental housing production and preservation programs including federal and state low-income housing tax credits. Financing for the programs also comes from the commission’s fund balances and federal HOME funds, at least 15 percent of which is set aside for Community Housing Development Organizations and 10 percent is set aside for not-for-profit-sponsored developments.