June 24, 2020 — Boston Capital is investing in the development of Homestead Senior Residences Mulvane II, a 24-unit development for seniors in Mulvane, Kansas. The general partner is Homestead Affordable Housing, Inc., based in Holton, Kansas. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit senior development built in 2012.
Located 16 miles southeast of Wichita, Homestead Senior Residences Mulvane II will serve seniors ages 62 and older earning 80 percent or less of the Area Median Income (AMI). Twelve units are reserved for seniors earning 60 percent or less of the AMI and eight units are for seniors earning 30% of less of the AMI. One unit will feature a preference toward homeless and special needs populations.
Located in six one-story, four-plex buildings, the apartment community will feature 12 one-bedroom and 12 two-bedroom homes. Each Energy Star 3 certified-unit will offer concrete safe rooms, washers and dryers, and cabinets that easily convert to be accessible at sinks if needed. Units will also include central air conditioning, blinds, ceiling fans, walk-in closets, patios and dishwashers. Development amenities will include a community room, a picnic area, a dining area with TV and a computer room. LK Architecture, LLC designed this development and has been an on-going member of the HAH development team.
“We’re excited to partner with Tom Bishop and the team at Homestead Affordable Housing in the development of Homestead Senior Residences Mulvane II,” said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. “Given the market’s incredible demand for affordable housing for seniors, this investment will not only create much-needed affordable housing in Mulvane and its surrounding communities, it will allow seniors to remain in their homes and live independently.”
The apartment community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in nearly 2,500 affordable apartments in Kansas.
“We remain committed to the creation and preservation of affordable housing as we address an affordable housing crisis in the midst of the COVID-19 pandemic,” added Mr. Goldstein. “Through the creation of these 24 affordable homes, we can positively impact seniors’ lives by providing them with well-located and high-quality affordable housing.”
About Homestead Affordable Housing, Inc.:
Homestead Affordable Housing, Inc. (HAH) is a 501(c)3 non-profit organization whose mission is to develop affordable housing and help rural Kansas communities achieve sustainable development. Since its formation in 1998, HAH has developed over 500 units of senior housing in 12 rural Kansas communities.