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City endorses new senior housing — again
Developer seeks tax credits for affordable apartments in Kearney
By Kevin M. Smith
The third time is not always a charm — sometimes it’s the fourth time. That’s what MACO Development Co. and the city of Kearney are hoping for to get a new senior citizen housing complex.
Dan Sanders of MACO Development Co., based in Clarkton, said this September will be the fourth consecutive year that his company will submit an application to the Missouri Housing Development Commission asking for tax credits to finance a new complex in Kearney.
The Kearney Board of Aldermen approved a resolution of support at its July 7 meeting — the fourth time to do so.
City Administrator Jim Eldridge said the planned-complex is something needed in the community.
“We presently have no senior complex that has two-bedroom apartments,” Eldridge said in an interview.
The city’s support is one of many things MACO needs in its applications for tax credits.
“The shows of support from the city, those really help,” Sanders said.
The application for tax credits, which is competitive, needs to also include a market study and cost estimates.
MACO, which bought a 7.8-acre site between the east end of Major Street and north of Washington Street in Kearney four years ago, wants to build 55 1,100-square-foot, two-bedroom apartment units for senior citizens. But it needs the tax credits to finance the building so it can make rent affordable.
“We are a developer,” Sanders said. “We build affordable housing throughout the state … Kearney, we just saw the need for it there.”
People 65 and older accounted for 460 — or 8.4 percent — of the population, according to the 2000 U.S. Census. Sanders said he was not sure exactly what the minimum age would be for residents at the new senior complex.
The tax credits would be sold to investors and the cash from that would reduce the mortgage needed to pay for the building thus allowing a cheaper rent charged without the books going in the red, Sanders said.
Sanders estimated the rent — if MACO receives the tax credits — would be about $405 a month for residents who meet income requirements.
“We’re hoping this year the application will be successful in being approved,” Sanders said.
There are typically three to four times as many applicants than tax credits awarded, according to Brandon Laster, public information officer for the Missouri Housing Development Commission.
“It’s very competitive,” Laster said.
He said there were several factors that go into the commission’s decision to award tax credits, but location was key. Senior housing needs to be close to health care services and public transportation. The housing commission also looks at the cost of the development and need in the community.
Eldridge said there is a need.
“It just offers a different floor plan for folks,” Eldridge said.
Applications are due in September and the housing commission will announce a decision in December.
Sanders said if awarded the tax credits, construction would likely start this time next year and would be ready to lease apartments six to seven months later, weather permitting.
Kearney Editor Kevin M. Smith can be reached at 628-6010 or kevinsmith@npgco.com.
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Dan Sanders of MACO Development Co., based in Clarkton, said this September will be the fourth consecutive year that his company will submit an application to the Missouri Housing Development Commission asking for tax credits to finance a new complex in Kearney.
The Kearney Board of Aldermen approved a resolution of support at its July 7 meeting — the fourth time to do so.
City Administrator Jim Eldridge said the planned-complex is something needed in the community.
“We presently have no senior complex that has two-bedroom apartments,” Eldridge said in an interview.
The city’s support is one of many things MACO needs in its applications for tax credits.
“The shows of support from the city, those really help,” Sanders said.
The application for tax credits, which is competitive, needs to also include a market study and cost estimates.
MACO, which bought a 7.8-acre site between the east end of Major Street and north of Washington Street in Kearney four years ago, wants to build 55 1,100-square-foot, two-bedroom apartment units for senior citizens. But it needs the tax credits to finance the building so it can make rent affordable.
“We are a developer,” Sanders said. “We build affordable housing throughout the state … Kearney, we just saw the need for it there.”
People 65 and older accounted for 460 — or 8.4 percent — of the population, according to the 2000 U.S. Census. Sanders said he was not sure exactly what the minimum age would be for residents at the new senior complex.
The tax credits would be sold to investors and the cash from that would reduce the mortgage needed to pay for the building thus allowing a cheaper rent charged without the books going in the red, Sanders said.
Sanders estimated the rent — if MACO receives the tax credits — would be about $405 a month for residents who meet income requirements.
“We’re hoping this year the application will be successful in being approved,” Sanders said.
There are typically three to four times as many applicants than tax credits awarded, according to Brandon Laster, public information officer for the Missouri Housing Development Commission.
“It’s very competitive,” Laster said.
He said there were several factors that go into the commission’s decision to award tax credits, but location was key. Senior housing needs to be close to health care services and public transportation. The housing commission also looks at the cost of the development and need in the community.
Eldridge said there is a need.
“It just offers a different floor plan for folks,” Eldridge said.
Applications are due in September and the housing commission will announce a decision in December.
Sanders said if awarded the tax credits, construction would likely start this time next year and would be ready to lease apartments six to seven months later, weather permitting.
Kearney Editor Kevin M. Smith can be reached at 628-6010 or kevinsmith@npgco.com.