Developers propose low-income homes

Friday, November 19, 2004 | 12:00 a.m. CST; updated 1:47 a.m. CDT, Tuesday, July 15, 2008

If two developers get their way, Columbia’s low-income renters will soon see their options increase.

Columbia developer Jeff Smith submitted a proposal for a $1.95 million loan and $624,332 in state and federal tax credits from the Missouri Housing Development Commission for a 72-unit complex for low-income seniors. Located at the northeast corner of Bethel Street and Nifong Boulevard, the units would have estimated monthly rents of between $410 and $450.

Last year, Smith’s firm, which specializes in low-income housing for senior citizens, had its project for the Bethel Street property denied because of the commission’s limited funds. Previously, the company developed the Hanover Village Apartments on Hanover Boulevard in northeast Columbia. It is not yet known whether Smith will apply for federal HOME funds available through the city, as it did last year when it was granted $200,000.

The Kansas City-based YARCO Company is requesting a $1.2 million loan and $132,041 in state and federal tax credits to rehabilitate a 24-unit family facility at Claudell Lane. It is estimated that rent will be $525. The facility is adjacent to a property that YARCO is currently rehabilitating after receiving a $589,000 loan and $155,224 in federal and state tax credits from the MHDC last year. Both properties are adjacent to YARCO’s Columbia Square apartments, also rehabilitated with MHDC funds.

“We are pleased with what we’ve seen at Columbia Square,” said YARCO President Cliff Cohn. “We want to continue to provide clean, decent, sanitary places to raise families.”

David Bryan, public information administrator for MHDC, said the agency faces a challenge every year to choose between the 70 to 80 percent of affordable housing development proposals that it deems fundable. This year, he estimates they will approve one-third of the 111 proposals on Dec. 17.

The MHDC provides rental housing development programs, including federal and state low-income housing tax credits.

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