COLUMBIA – The Columbia Housing Authority announced Tuesday that it has received federal low-income tax credits for its Kinney Point affordable housing project.
The funding comes from the Missouri Housing Development Commission, which approved the project in September. The city of Columbia previously committed $2 million via HOME-ARP funds, and Veterans United also donated an additional $1.3 million in support for the project.
The project will bring 24 new, energy efficient housing units to Columbia. The units will be built near the intersection of Garth Avenue and Sexton Road.
Rendering of Kinney Pointe homes
Randy Cole, the CEO of the CHA, said this project will bring some much needed relief to many of Columbia’s low-income families.
“We’re seeing a lot of households that are homeless or couch-surfing, or in a really unstable housing position, so we would be really trying to bring those populations into that housing,” Cole said.
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While Kinney Point will bring some relief, it will only cover a fraction of the individuals seeking stable and affordable housing in Columbia. The two biggest obstacles for universal low-income housing are increasing costs and a limited supply of housing, according to MU School of Law professor Rigel Oliveri.
“There just aren’t enough units to meet the demand that’s out there,” Oliveri said.
Oliveri also said housing prices are rising faster than incomes, which is increasing the number of people in need of affordable housing.
“That threshold is getting higher and higher,” Oliveri said. “Rents have been rising nationwide. Even people that earn a pretty decent living, people that make more than minimum wage, may still be what we call ‘cost burdened.'”
With finances now secured, the construction on Kinney Pointe is expected to begin next spring.