Kansas Housing Awards $62.4 Million in Recovery Act Funds for Construction of Affordable Rental Housing

–ARRA Created Programs Help Finance 26 Housing Developments, 842 Rental Units Statewide—-

Topeka, KS - January 12, 2010 - (RealEstateRama) — Kansas Housing Resources Corporation (KHRC) has awarded $62.4 million in stimulus funds to support the construction of 842 affordable rental housing units statewide.  The funds come from the Tax Credit Exchange Program (CEP) and the Tax Credit Assistance Program (TCAP), two initiatives established in the American Recovery and Reinvestment Act (ARRA) to create housing for the nation’s lowest income residents.

“These investments are important for working families in Kansas,” said Fred Bentley, Rental Housing Division Director. “These funds help 26 housing developments get back on track, spur the economy and provide critical housing for families in need,” said Bentley.

KHRC received $43.3 million from the U.S. Department of Treasury through CEP to convert previously awarded Low Income Housing Tax Credits (LIHTC) into cash grants and low-interest deferred loans to jump-start housing developments that stalled due to the economic downturn.  The grants may be used to finance the construction, acquisition and/or rehabilitation of qualified low-income buildings.

Through TCAP, the U.S. Department of Housing and Urban Development allocated $17.1 million to Kansas. These funds, which may also be converted into low-interest loans and/or cash grants, support capitalization of housing tax credit projects experiencing diminished tax credit value.

To date, KHRC has closed a total of eight TCAP and nineteen CEP developments. One property, in Clay Center, will receive both TCAP and Exchange funds. Below is a summary of LIHTC recipients designated to receive 2009 TCAP funding.

TAX CREDIT ASSISTANCE PROGRAM
2009 AWARD SUMMARY

CITY
DEVELOPMENT
TYPE
TARGET
UNITS
FUNDING AMOUNT

Bird City
Fifth Street Apartments
New
Family
6
$660,333

Clay Center
Apollo Towers
Rehab
Family
24
$1,771,439

Holton
Southview Apartments
A&R
Family
36
$1,982,800

Independence
McKinley Housing
New
Family
28
$1,639,750

Kansas City
House to Home Bethany
New
Family
20
$3,765,000

Topeka
Cornerstone Apartments
New
Family
20
$958,698

Wamego
Homestead Senior
New
Elderly
32
$3,185,000

Wichita
Mesa Verde Homes
New
Family
24
$3,158,090

TOTAL
190

$17,121,110
The following is a list of LIHTC recipients allocated 2009 CEP funding.

CREDIT EXCHANGE PROGRAM
2009 AWARD SUMMARY

City
Development
Type
Target
Units
Funding Amount

Atchison
Santa Fe Apartments
A&R
Elderly
46
$1,800,000

Chanute
Cornerstone Apartments
New
Family
42
$4,264,806

Clay Center
Apollo Towers
Rehab
Family
25
$1,912,727

Clyde
Clyde Family Housing
A&R
General
24
$1,993,250

Coffeyville
Brown’s Riverside Homes
New
Family
18
$810,200

Coffeyville
Coffeyville Apartments
New
Family
32
$4,443,179

Emporia
Broadview Towers
A&R
Elderly
58
$1,683,908

Haysville
Bridgewater Apartments II
New
Family
48
$3,035,000

Iola
River Valley Homes
New
Family
30
$3,775,720

Kansas City
Historic Lowell Lofts
Rehab
Elderly
26
$3,040,102

Liberal
Flor De Sol II
New
Family
32
$1,392,858

Newton
Turkey Red Village
A&R
Family
20
$1,242,395

Osawatomie
Woodland Hills Estate
New
Elderly
24
$2,310,546

Park City
Country Park Residences II
New
Family
36
$1,142,000

Pittsburg
Besse Hotel
A&R
Family
46
$4,746,253

Topeka
Pioneer Adams II
New
Family
49
$1,812,762

Topeka
Legacy Homes
New
Elderly
16
$1,520,486

Wichita
Regal Plaza
A&R
Elderly
50
$2,106,000

Wichita
Country Acres Apartments
A&R
& New
Disabled
30
$1,912,727

TOTAL
652

$45,311,378

KHRC’s tax credit program has gained national recognition.  Woodland Hills Estate in Osawatomie was the first affordable housing development in the country to be completed using ARRA funds.   Early last year, with construction almost three-fourths completed, the development stalled and foreclosure seemed certain.  Thanks to $2.4 million in funding from the Recovery Act, Woodland Hills is now open and renting to tenants.

Originally created by Congress in 1986, LIHTC is considered one of the most successful affordable housing programs in the country, generating equity to support construction of nearly 1.7 million affordable rental housing units nationwide.  For more information on LIHTC, the Tax Credit Assistance or Exchange Programs, visit KHRC’s website at www.kshousingcorp.org

Tagged as: Affordable Housing, ARRA, CEP, LIHTC, rental housing, Tax Credit, TCAP

 

 

 

 

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