More affordable housing coming to Fulton
FULTON - Fulton residents could have additional affordable housing available to them in the near future.
Zimmerman Group, which includes the properties Wilhoit Properties, Inc. and Zimmerman Properties, LLC, introduced a plan to the city for building a new housing development that would cater mostly to those who cannot afford to pay full rent elsewhere.
It would be the second income-sensitive housing community built by the Zimmerman Group in Fulton. The first, Callaway Village, was built in 2001.
Both Callaway Village and 80 percent of the apartments in the new development, which Zimmerman Group is calling Maple Pointe Apartments, requires renters to make below a certain income every year. For Callaway Village, renters are qualified to make at or below Fulton's area median income, which in 2015 was $32,880, according to Fulton's city website.
According to Zimmerman Properties' websites, the developments are different than public housing completely funded by the government. Zimmerman Properties must submit an application to the Missouri Housing Development Commission. If accepted, the company can build and manage the property using a low-income housing tax credit program. This is through Section 42 of the Internal Revenue Code, while public housing is funded through Section 8 of the Internal Revenue code.
The Callaway Village property manager, Anna Hopkins, said, not only does the housing development provide an initially-affordable rent, but also allows tenants to eventually move up financially.
"A lot of our tenants use the time they live here to save up and build their credit, and eventually go on to buy a home," Hopkins said.
She said rent in Callaway Village is a fixed rate and does not fluctuate with changes in income.
In the new complex, families or tenants making below 60 percent of the area median income would have rents starting at $365. Four-fifths of the apartments in the new complex would be at the adjusted rate while the other portion would be rented out at market rate.
Zimmerman Group said it will know by December if the Missouri Housing Development Commission has accepted its application.