Three proposals to build homes that are affordable will be considered during the Jefferson City Council meeting on Tuesday.
At their regular meeting, the council will hear resolutions to support three projects, each aimed at replacing roughly a third of rental homes destroyed by the tornado in 2019.
The tornado that swept through Jefferson City destroyed 152 homes, 95 percent of which were rentals, according to the city. The meeting at City Hall can be attended in-person at 6 p.m., or virtually through a link on the city’s website.
Each of the projects are seeking federal Community Development Block Grant Disaster Recovery funds, $7.3 million of which was made available because the city was declared a “Most Impacted and Distressed Area” following the tornado.
Grants require the development teams interested in receiving disaster recovery funds to partner with local government — Jefferson City in this case.
Stronghold Landing is a proposed 40-unit workforce apartment community proposed at Trade Center Parkway and Old Lohman Road in western Jefferson City. Twenty-eight units were proposed as two-bedroom units; 12 were proposed as three-bedroom units.
Eastland Hills Apartments is a proposed 48-unit workforce apartment community proposed for the 1800 block of East Miller Street. Twenty-four units were proposed as two-bedroom units; 24 were proposed as three-bedroom units.
Oak Leaf Villas is a proposed development of 21 duplexes, equaling 42 units, to act as workforce housing at Red Oak and Oak Leaf drives in south central Jefferson City. Twelve units were proposed as two-bedroom units; 30 were proposed as three-bedroom units.
Jefferson City is required to enter into an applicant/sub-applicant agreement with a separate non-profit entity. That entity enters into a developer’s agreement with the developer team submitting a Low-Income Housing Tax Credits application.
The developers will each pursue the low-income tax credits in efforts to fund construction costs. The state announced availability of these funds in early August.
The Missouri Housing Development Commission determines which developments receive the credits in a competitive application process. Once approved, the credit can be used each year for 10 years and is allocated to developers, who may then sell it to raise equity to construct or acquire and rehabilitate affordable rental housing.
Two developments sought the credits in 2021, but neither received them.
Developers hope to leverage the grants to receive the tax credits.