January 25, 2023
Salina Housing Authority to Begin $23 Million Renovation of Affordable Housing
Salina, KS – Today, the Salina Housing Authority and Knight Development announced the funding of Salina RAD Homes, setting the stage for a significant renovation and development effort to begin on the scattered site portfolio. The proposed redevelopment effort is made possible through the Department of Housing and Urban Development’s Rental Assistance Demonstration Program (RAD), which seeks to increase affordable housing opportunities through private investment.
“We are pleased to take this important step forward with the first phase of our portfolio conversion, aptly named Vanguard,” said Phil Nix, Executive Director of Salina Housing Authority. “We expect to close on phase two in the first half of 2023. Together, these two phases will increase the quality and availability of affordable housing opportunities in Salina.”
Constructed between 1952 through 1997, Salina RAD Homes sits on approximately 20.52 acres. Salina RAD Homes is a 118 scattered site project located at various addresses throughout the city of Salina. A collective of single-family homes, duplexes, fourplexes, and row houses, this development is a RAD/Section 18 blend of 24 RAD units and 94 PBV units. There are ten one-bedroom, 56 two-bedroom, and 52 three-bedroom units. Each unit will be evaluated for modernization. Amenities and upgrades may include kitchen and bathroom renovations, new windows and flooring, new HVAC Systems and appliances, energy-efficient building features, and interior/exterior paint. In addition, the units will be complemented where appropriate with landscaping, sidewalk improvements, and signage.
Red Stone Equity Partners provided equity. Cedar Rapids Bank & Trust provided debt coverage. Our allocating agency partner is Kansas Development Finance Authority, and the Kansas Housing Resources Corporation issued the bonds. The General Contractor is Snyder Construction Group. Royal American Management will provide Property Management.
ABOUT SALINA HOUSING AUTHORITY – Established in 1967, the Salina Housing Authority is dedicated to providing and advocating affordable, safe living environments and opportunities to become self-sufficient for persons of very low to moderate income. For more information, visit salinahousing.org.
ABOUT KNIGHT DEVELOPMENT – Knight Development, formerly BGC Advantage, is an award-winning real estate development company, specializing in creating and rehabilitating affordable housing communities. For more information, visit knightdev.co.