–$5.8 Million Restoration Creates 51 Affordable Rental Units in North Central Kansas–
Clay Center, KS – October 5, 2011 – (RealEstateRama) — Officials from Kansas Housing Resources Corporation (KHRC), the Clay Center Housing Authority and Clay Center Chamber of Commerce Saturday celebrated the grand re-opening of Apollo Towers. The newly renovated eight-story apartment building offers 24 two-bedroom and 27 one-bedroom units to low and moderate-income families, as well as transitional housing for persons experiencing homelessness.
Housing Authority Director John Kaul said Apollo Towers will help seniors and families with children obtain a safe, affordable place to live and contribute to the local economy. “This property is good for areas businesses. Consumer spending will increase as new tenants purchase food, clothing, health care and other products in Clay Center,” said Kaul.
The $5.8 million restoration project included the replacement of bathroom shower units and floor covering, kitchen cabinets, countertops, electric ranges and HVAC heating and air. Amenities include a BBQ and picnic area, resident library, computer internet area, laundry, lounge and exercise room.
Funding for Apollo Towers included $4.3 million the Tax Credit Exchange and Tax Credit Assistance Programs created by the American Recovery and Reinvestment Act (Recovery Act) of 2009. Both programs are administered by KHRC.
Fred Bentley, KHRC’s Rental Housing Director, said the restoration involved different sources of funding and a lot of hard work. “This redevelopment took time, tenacity and patience, but the end result has created new jobs and given new life to the community,” said Bentley.
69-year-old Karen Steffen moved back into Apollo Towers last month. She’s thrilled with the renovation. “It’s super clean and steam-lined to use every square inch to benefit me. There’s lots of storage. The bathrooms are organized and I have plenty of space,” said Steffen.
Additional financing came through the U.S. Department of Housing and Urban Development (HUD), which approved the mixed finance project and property disposition necessary to complete the renovation. HUD also provided over $541,000 in regular and Recovery Act capital funds. The Federal Home Loan Bank of Topeka provided a $350,000 grant through the Affordable Housing Program and the City of Clay Center supported the renovation with $454,000 in bond financing.
Centerpointe Regional Housing Development, LLC, assisted the Housing Authority as co-developer of Apollo Towers. Oetinger Lloyd Construction served as general contractor. Additional partners included United Bank & Trust, RPG Architects and Smitherman Law Firm.
For leasing information, please contact the Clay Center Housing Authority at www.claycenterhousing.com or call 785-632-2100. For information about affordable housing programs provided by KHRC, visit www.kshousingcorp.org.
Kansas Housing Resources Corporation is a self-supporting, public corporation which serves as the primary administrator of federal housing programs for the State of Kansas. Our mission is to increase the availability of affordable, decent and accessible housing for low and moderate-income Kansans.
Catherine Couch 785-296-0081, ccouch (at) kshousingcorp (dot) org