BOSTON, MA - Boston Capital is investing in the construction of Prairie View Estates, a 27-unit development for families located in Neosho, Missouri. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developer is Affordable Housing Development, Inc.
"Boston Capital is pleased to partner with Affordable Housing Development in this new construction to help meet the growing demand for high-quality affordable homes for families in the Neosho market," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. "Prairie View Estates' large unit sizes and superior interior amenities will appeal to families looking for affordable, high-quality single family homes."
The construction of Prairie View Estates will generate $2.8 million in local salaries and create more than 40 new jobs in the Neosho area. Boston Capital's investment in the development adds 27 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in approximately 5,000 units of affordable housing in Missouri.
Prairie View Estates will feature 27, one-story, single-family rental homes available to families earning 60 percent or less of the Area Median Income (AMI). Each 1,408 square foot home will include three bedrooms and two bathrooms, as well as in-unit washers and dryers, two-car garages, patios, ceiling fans, vaulted ceilings, central air, dishwashers, walk-in closets and FEMA-approved safe rooms. Three homes will be fully handicap accessible.
The owners of Affordable Homes Development, Inc., Marie and Joe Carmichael, are excited about the Neosho development. "There is a real need for affordable housing by young people just entering the workforce as well as by others who are returning to work after the economic downturn," said Marie Carmichael.
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,260 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 155,520 apartments with a development cost in excess of $15.1 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.
About Affordable Homes Development, Inc.:
Affordable Homes Development, Inc. is a real estate development company based in Springfield, Missouri. It specializes in affordable housing projects supported by federal and state low-income housing tax credits. Over the past 15 years, it has developed and built over 500 multifamily units and single-family homes throughout Southwest Missouri.