The Missouri Housing Development Commission will review 29 Kansas City area funding requests for its annual affordable housing funding distribution. Proposals include what would become the first housing in the East Village redevelopment planned east of City Hall.
Sherman Associates Development LLC wants $1.5 million in federal and state low-income housing tax credits, along with $700,000 from the HOME Investment Partnership Program, a federal block grant. The Minneapolis-based developer wants this money for the 10th Street Lofts, containing 100 units on 10th Street between Cherry and Locust streets. Sherman applied to the commission in 2006 but wasn't approved.
The current round's other applicants include Dale Schulte, the leading provider of low-income housing in Downtown.
Schulte's company, DLS Historic Developer IV LLC, wants $900,000 of low-income housing tax credits for the Carriage Lofts, a 23-unit conversion at 1732 Oak St.
McCormack Baron Salazar Inc. wants $1.3 million of tax credits to buy and renovate the Valentine apartments, providing 65 units at 3724 Broadway. The St. Louis-based developer won national acclaim when it came to Kansas City nearly a quarter-century ago to build apartments on Quality Hill, reviving a downtown neighborhood while leading a movement that has put urban living in vogue.
The commission will announce award recipients in December.
Source: Kansas City Business Journal