Keystone Family Homes
Key Dates
Closing Date: 12/23/2020
Construction Completed Date: 2/28/2022
Formerly Dogwood Square (Under Construction)
Formerly Villa Marie/ Norton Rd.
Formerly Cedarbrook
Formerly Glenwood
Formerly Bolivar Rd. Apartments
DETAILS:
Number of Units: 297
Total Development Cost: $42,841,584
Development Type: 4%/LIHTC
Development Partner:
Housing Authority of Springfield, MO
Project Type: Family & VASH
Construction Period Jobs Created: 487
Long Term Jobs Created: 19
SOURCES:
1st Mortgage: $19,625,000
Operations Cash Flow: $750,000
Seller Mortgage: $9,268,707
PHA Cash Flow: $400,000
Def. Developer Fee: $398,110
Tax Credit Equity: $12,399,767
Total Sources: $42,841,584*
*Sources, as of closing
PROJECT NARRATIVE:
Keystone Family Homes, LP is a 297-unit rehabilitation project located in Greene County, Springfield, Missouri. This project is a subsidized redevelopment effort between Housing Authority of the City of Springfield, Missouri (“HAS”) and Knight Development. This project serves to enhance the efforts of HAS to preserve affordable housing opportunities with the rehabilitation of much needed local housing units. The community features 1,2,3,4 and 5-bedroom affordable homes.
The Keystone Family Homes development includes community space whereby resident support services, including enhanced resident opportunities for self-sufficiency, will be provided. The educational programs are geared to help renters become homeowners. Other site and unit amenities include washers/dryers and dishwashers in each unit, playground, and computer center.
Keystone Family Homes was awarded 4% tax credits in 2020 by Missouri Housing Development Commission. The total development cost is expected to be $42,841,583 and will include outreach to Minority and women contractors and section 3 businesses and individuals. The development has contributed 487 construction jobs and 19 permanent jobs to the community.
Amenities & Upgrades may include:
• After Hours Emergency Call Staff
• Computer Lab
• Fenced & Gated Community
• New Washer/Dryer in each unit
• ADA Compliant Apartments
• Updated LED Light Fixtures
• New Shingles and Siding
• Pet Friendly
Before and After
PROJECT PARTNERS
Developer:
Knight Development
PHA Housing Authority of Springfield, MS
Architect:
Oke-Thomas + Associates, Inc.
General Contractor:
Snyder Construction Group
Management Company:
Allied Orion Group
Development Partners:
RedStone Equity Investors
Cedar Rapids Bank & Trust
MO Housing Dev. Commission
Industrial Dev. Authority
UNIT COUNTS (297 Total) & RENTAL RATES*
Carson Lee Estates - 24 Units
1 Bedroom | Units: 24
Contract Rent: 484-495
Cedarbrook Estates - 80 Units
1 Bedroom | Units: 24
Contract Rent: $484-$495
2 Bedroom | Units: 32
Contract Rent: $633-$656
3 Bedroom | Units: 16
Contract Rent: $778-$1,119
4 Bedroom | Units: 8
Contract Rent: $1,259-$1,278
Greenway Village - 33 Units
2 Bedroom | Units: 13
Contract Rent: $633-$656
3 Bedroom | Units: 20
Contract Rent: $778-$1,119
Keystone Village - 68 Units
1 Bedroom | Units: 6
Contract Rent: $484-$495
2 Bedroom | Units: 33
Contract Rent: $633-$656
3 Bedroom | Units: 19
Contract Rent: $778-$1,119
4 Bedroom | Units: 8
Contract Rent: $1,259-$1,278
5 Bedroom | Units: 2
Contract Rent: $1,477
Arrowhead Townhomes - 32 Units
1 Bedroom | Units: 3
Contract Rent: $484-$495
2 Bedroom | Units: 15
Contract Rent: $633-$656
3 Bedroom | Units: 10
Contract Rent: $778-$1,119
4 Bedroom | Units: 4
Contract Rent: $1,259-$1,278
Circle & Scatter - 52 Units
1 Bedroom | Units: 4
Contract Rent: $484-$495
2 Bedroom | Units: 33
Contract Rent: $633-$656
3 Bedroom | Units: 15
Contract Rent: $778-$1,278
*Rents, as of closing
Ribbon Cutting – Oct. 26, 2021
