Housing authority will seek financing again for new central-city apartments
COLUMBIA (Missourian) - The Columbia Housing Authority hopes the third time’s a charm.
The authority plans to apply for money from several sources to help it build 36 new apartments for low-income families that now live on Trinity Place and Providence Walkway. The total estimated cost of the project is $9.84 million, and the housing authority hopes to have the apartments ready to move into by June 2022.
Previous attempts to win financing for the project in 2018 and 2019 failed, however.
The housing authority plans to build 24 new apartments on property it owns at 1 E. Sexton Road in a development it will call Kinney Point, according to the June 16 agenda packet for the housing authority’s board of commissioners. Kinney Point is named after Marvin Kinney, who served on the Columbia Housing Authority’s Board of Commissioners for over 25 years. CEO Phil Steinaus said the authority bought the property across the street from Oak Towers for $225,000 in December 2012.
The land right now is primarily green space and features a walking trail.
In addition to the Kinney Point development, the authority plans to build 12 new apartments on the northwest side of Trinity Place.
The housing authority will have to line up several sources of funding by October 2021 and begin construction in November 2021 to achieve its goal of completing the apartments by the summer of 2022.
Steinaus said one advantage of new construction over renovating existing apartments is that residents will be required to move only once. Those who live at Trinity Place now will be given the first opportunity to move into the new apartments. Moving expenses will be covered as part of the project.
Once the new apartments are built, the housing authority will tear down the old ones to accommodate future redevelopment of the Trinity Place and Providence Walkway sites.
Each apartment will cost an estimated $203,149 to build.
The housing authority hopes to win $7.83 million in low-income housing tax credits to help finance the project.
“The funding is very competitive,” Steinaus said. “It would be a competition with about 130 applications for the tax credits’ allocation.”
Read the full story at our partners, the Columbia Missourian.