MHDC tax credits help launch senior citizen affordable housing development

  

WASHINGTON, Mo. – Work is officially underway on a new affordable housing project for seniors in Franklin County.

Local elected officials joined the CEO of United Healthcare earlier this month to break ground on the Riverbend Estates Senior Community, a new 42-unit affordable housing development for senior citizens.

Seniors who meet the qualifying income guidelines will be eligible to live in the new development at an affordable rent rate, all while receiving  access to quality housing and onsite support services.

It’s a project that has been long in the making, requiring a multi-million dollar investment. But it’s also an undertaking that the city seemed to want – the opportunity for affordable housing, coupled with the potential revenue coming into the city make it an attractive addition. The Washington City Council approved the project in March of 2016, and UnitedHealthcare is investing $2.3 million in the project.

UnitedHealthcare made the investment in partnership with Affordable Equity Partners (AEP) through the use of Low Income Housing Tax Credits (LIHTC), which were approved by the Missouri Housing Development Commission (MHDC). Riverbend Estates is owned by MOCAP Development, which will be operated by Fairway Management.

Since 2005, UnitedHealthcare has invested nearly $34 million in equity to help build 21 affordable-housing communities for seniors and families in Missouri, helping to provide 843 homes for families and seniors statewide.

“UnitedHealthcare’s investment to support affordable-housing in Missouri is helping connect people to housing, health care and other important services that will enable them to live healthier lives,” said Kurt Heumann, CEO, UnitedHealthcare Medicare & Retirement in Missouri said in a news release. “We are grateful for the opportunity to build stronger communities, particularly for seniors, here in our state.”