–Rehab Utilizes $5.8 Million in Low-Income Housing Tax Credits to Create 111 Affordable Loft-Style Apartments–
KANSAS CITY, KANSAS – December 26, 2013 – (RealEstateRama) — Governor Sam Brownback and officials from Kansas Housing Resources Corporation (KHRC), the Unified Government of Wyandotte County/Kansas City, Kansas and Foutch Brothers, LLC celebrated the grand opening on Dec. 19th of KCK’s newest affordable housing development. City View at St. Margaret’s, formerly St. Margaret’s Hospital, is a $16.2 million state-of-the-art, historic rehab offering 111 energy-efficient, loft-style apartments for seniors ages 55 and over.
“Dedicated in 1887, the mission of St. Margaret’s Hospital was to help families in the community, so it’s rewarding to see this iconic building, some 126 years later, providing quality housing for people that need it,” said Brownback. “Congratulations Kansas City! The renovation is beautiful!”
Foutch Brothers, LLC, a local real estate development company specializing in historic mixed-use renovation, multi-family and senior housing, utilized $5.8 million dollars in Low-Income Housing Tax Credits (LIHTC) and $7.1 million in State and Federal Historic Tax Credits to complete the renovation. Rents range from $400-$600 for tax credit units and $750-$1200 for market rate apartments.
Steve Foutch, the company’s Principal Owner and CEO, said City View at St. Margaret’s is another example of how Foutch Brothers supports the mission of respecting the past while building for the future. “We are honored to be working with the surrounding communities and partners. City View at St. Margaret’s will continue to serve the community and its neighbors as a milestone of success for this wonderful community for many years,” added Foutch.
“This property is a good example of using tax credits to serve both limited and higher income tenants,” said Fred Bentley, Director of Rental Housing at KHRC which administers the LIHTC Program in Kansas. “At the same time, the rehab breathes new life into a historic building that played an important role in the community,” added Bentley.
Additional partners include Midwest Housing Equity Group, Horizon Bank, Union Bank & Trust, Kansas State Historic Preservation Office, National Park Service and the Unified Government of Wyandotte County, KCK.
City View at St. Margaret’s features one-, two- and three-bedroom units with contemporary interiors, a beautiful roof-top garden, community lounge, on-site dining and laundry facilities, paid utilities and Google Fiber. The building exhibits Modern Movement architectural treatments, including masonry banding and rectangular massing. The concrete building has buff brick walls with limestone and dark brown brick accents.
For more info on City View at St. Margaret’s or to obtain an application, please call Terry at 636-633-1733 or email tcaine (at) fbpmllc (dot) com