Springfield, MO — October 26, 2021 — State and local officials, stakeholders, and project partners gathered today to celebrate the opening of Keystone Village, the first completed site of Keystone Family Homes, LP. Comprised of 297 units, this multi-site development represents a $42,841,583 million community investment, which resulted from a partnership between the Housing Authority of the City of Springfield (HAS) and BGCAdvantage. Together, the partners are set to convert the entirety of the existing HAS portfolio through the Rental Assistance Demonstration (RAD) program. In addition to stimulating local spending and taxes, the estimated economic impact of the development includes 487 construction phase jobs and 19 permanent positions.
“RAD enables us to preserve affordable housing opportunities with the rehabilitation of much-needed housing units,” said Katrena Wolfram, Executive Director at the Housing Authority of the City of Springfield. “This transition would not have been possible without the help and support of the City of Springfield, the IndustrialDevelopment Authority, the Land Clearance for Redevelopment Authority, and the Missouri HousingDevelopment Commission. It takes a village to support our residents.”
“Red Stone Equity Partners is so appreciative and excited to be a partner on this important redevelopment effort in Springfield, MO. This work will completely transform this important community for its deserving residents. I really look forward to seeing it come to fruition as additional sites are completed,” said DarrenSwanson, Managing Director, Acquisitions at Red Stone Equity Partners, LLC.
The community offers 1,2,3,4 and 5-bedroom homes to qualifying low-income families and individuals with disabilities. The renovated units feature
washers and dryers, updated lighting, flooring, plumbing, and energy-efficient appliances, In addition to fully modernized units, the rehabilitation includes new clubhouses with office space, as well as community rooms and computers for meetings and education. Sites will be enhanced by lush landscaping, green space, and playgrounds. Select properties will feature fencing and gated entry.ADA compliant apartments will be available.
“Supporting the development of new affordable housing options is critical in our mission as a lender supporting neighborhoods and communities,” said Michael Goerdt, Vice President, Specialty Finance Group at CedarRapids Bank & Trust. “We are pleased to provide financial support to Keystone Family Homes.”
“We are grateful for the confidence and support the Housing Authority of Springfield has placed in us throughout the conversion process,” said Holly Knight, CEO at BGC Advantage. “We believe this rehabilitation will transform properties in aging and declining neighborhoods, stimulate the local economy, and support residents on their path to self-sufficiency.”
The General Contractor is Snyder Construction. The Architect is Oke-Thomas & Associates, Inc. Property Management services will be provided by Allied Orion Group.