ARRA Funded Housing Development Opens in Haysville

–48 Energy Efficient, Affordable Apartments Now Leasing to Low-Income Families–

Haysville, KS – April 2, 2010 – (RealEstateRama) — Kansas Housing Resources Corporation (KHRC) and Zimmerman Properties, LLC are pleased to announce the grand-opening of 48 newly constructed, energy efficient apartments for low-income families in Haysville.

At a ribbon cutting ceremony today, officials from the City of Haysville, KHRC and the Chamber of Commerce welcomed residents to their new homes.

“KHRC is proud the federal stimulus program helped Haysville build much needed affordable housing,” said Rental Housing Division Director Fred Bentley.  “This development will benefit working families for years to come.”

Seven months ago, construction of the $4.4 million housing complex couldn’t get off the ground in the poor economy, but thanks to stimulus funds, the development is today move-in ready.  Bridgewater II received $3,035,000 from the Tax Credit Exchange Program, created by the American Recovery and Reinvestment Act (ARRA) of 2009, and a $1.4 million loan from Empire Bank.

“KHRC has been one of the more progressive housing finance agencies in the United States in implementing and closing transactions utilizing funds provided by ARRA,” said Robert Davidson, Chief Operations Officer and Chief Financial Officer for Zimmerman Properties. “The ARRA funding for Bridgewater provided more than 100 construction related jobs and brought additional, modern affordable housing to a growing area of Kansas.”

The Exchange Program, administered by the U.S. Department of Treasury, is designed to bridge funding gaps in stalled housing developments that received Low Income Housing Tax Credits. The program allows states to exchange up to 40 percent of their 2009 tax credit allocation for cash grants from the Treasury Department.

Bridgewater II offers two- and three-bedroom apartments with monthly rents ranging from $347-$660.  All units were constructed using modern energy efficiency standards and contain built-in microwaves, individual utility rooms with full-size washers and dryers, self cleaning ovens and ceramic tile in the kitchen and baths.

Other amenities include:

* BBQ Grills
* Covered Picnic Area
* Bike Racks
* Playground
* Swimming Pool
* Cardio Fitness Center
* 24-Hour Emergency Maintenance

Within the first month of opening, over 90 percent of the complex has already been leased to income qualified households. Potential residents must qualify with a maximum household income not to exceed 30 percent and 60 percent of area median income, and meet the standards imposed under federal housing tax credit program.  For more information about Bridgewater Apartments, call 316-522-2684 or email [4]bridgewater (at) wilhoitproperties (dot) com.

Kansas Housing Resources Corporation is a quasi-public entity that finances and develops affordable housing opportunities for low and moderate-income residents throughout Kansas.

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The Kansas Housing Resources Corporation (KHRC) was formed pursuant to K.S.A. 74-8904(v) per the Governor's Executive Reorganization Order (ERO) # 30.  KHRC is a subsidiary corporation of the Kansas Development Finance Authority. 

The Kansas Housing Resources Corporation mission is to enhance Kansas communities with housing opportunities. This goal is achieved through using a variety of strategies and approaches, including increasing homeownership opportunities, leveraging the construction of more affordable rental housing, preserving existing housing through rehabilitation, promoting energy efficiency improvements for owner-occupied and rental housing, providing affordable housing through rent assistance to low-income families and senior citizens, and creating housing opportunities for previously underserved persons and communities.

Contact:

Kansas Housing Resources Corporation
611 South Kansas Avenue, Suite 300
Topeka, Kansas 66603-3803
Phone: (785) 296-5865
Fax: (785) 296-8985

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