Affordable housing proposal for Cape OK'd by state agency

A plan to buy and rehabilitate Lindenwood Apartments, 1105 Linden Street in Cape Girardeau, has won tax credit approval from the Missouri Housing Development Corporation (MHDC).

The December 17 approval of $525,000 in federal and $367,500 in state low-income housing tax credits will allow Community Partnership of Southeast Missouri (CP-SEMO) to become owner of the 67-unit, six-story not-for-profit senior housing development originally built in 1983.

CP-SEMO is partnering with St. Louis' Sansone Group and developer Chad Hartle of RCH Development on the multi-million dollar project.

Selection

Hartle said the bid for state tax credits was competitive this year, telling the Southeast Missourian MHDC considered 127 applications and approved 36 for 2020.

"We knew going in that the process would be very competitive because there are simply not enough resources available to address the affordable housing shortage," said Hartle.

Demonstrated need

Leading Age, a trade association for elderly services operating in 38 states, noted on its website seniors represent two-thirds "of the recent increase in worst case housing needs," adding homelessness among the poor is rising among America's oldest adults.

Lindenwood Apartments qualifies for 100% assistance, meaning government rent and utility supplements allow low-income residents aged 62 and over to pay down to approximately 30% of their fixed incomes.

"We are thrilled to hear of (MHDC's) decision to move forward," said Melissa Stickel, CP-SEMO's executive director, noting the go-ahead green-lights her organization's plan to provide services to seniors by having a full-time case manager on site.

"Not only will this (project) improve the building's condition but will allow us to integrate our senior supportive services (there) and will also lift up the surrounding neighborhood," she added.

Going forward

Hartle said securing MHDC's "reservation" for tax credits launches a timeline.

"It will take at least five months to get to the closing table and start construction," he said, adding that he hopes the project will be complete by the middle of 2022.

In October, RCH Development and Sansone estimated the total price of the project will be $10.8 million, including property purchase, engineering, architectural work, construction and associated "soft" costs.

The Lindenwood project was endorsed by a 6-0 vote October 5 by Cape Girardeau City Council.

Rehab specifics

Part of the vision of the project, Hartle said, is to rework the exterior aesthetics of a building considered "state of the art" when built in the early 1980s.

"We want to get away from the institutional look (Lindenwood) has (because) it looks too much like a hospital or a nursing home -- we want it to look like a 'home-home'," Hartle said at the time.

A fire protection upgrade is in the plans, he added.

"Currently, there are only sprinklers in the common areas (but) we'll put sprinklers in bedrooms, kitchens and living areas in every unit," Hartle said, noting LED lighting is planned throughout the mid-rise structure along with updated plumbing fixtures.

Additionally, Hartle said the 26-year old windows will be brought to what he termed the bronze level of the National Green Standard for energy efficiency.