Hearing set for proposed senior housing development in Washington – The Missourian

A Jefferson City developer is hoping to receive more than $1.5 million in state tax credits in exchange for building a 48-unit residential development in Washington. 

The developer, MOCAP Development Co., wants to build a third phase to the existing Riverbend Estates, a residential development with some income restrictions for people older than 55. 

“All along, we knew this project would be constructed in multiple phases,” said Curtis Neuenswander, who is listed on state documents as the contact person for MOCAP Development Co. The company shares an address with Farmer Companies, a multifaceted business that is involved in asphalt paving, construction, logistics and real estate development. 

Farmer Companies and MOCAP Development have partnered on nearly a dozen other housing developments across Missouri, with properties in Jefferson City, Lebanon and Liberty. The third phase of Riverbend Estates is vying for the same tax credits that Chesterfield developer Robert Ring is hoping to receive for his proposed Aurora Estates development in Pacific.  

“All of the projects that we have done are done in what are called ‘out-state’ markets. So we kind of sniff around the state for a community that has a need for this type of housing, and Washington definitely had the need,” Neuenswander said. He described Washington as “a great town” and declined to say whether the company was eyeing further development in Washington beyond Riverbend Estates.  

The first phase, which was constructed in 2016, is 100 percent full, and leases are being signed for the three-story, 42-unit building that was built during phase two. Neuenswander said a third-party market study, which was completed as part of the company’s application for the state tax credits, showed there was “strong demand” for more rent-controlled housing for people 55 and older. 

A hearing for MOCAP’s request for the tax credits is set for 6 p.m. Monday, Nov. 8. The public hearing will be held virtually and can be viewed online via the Missouri Housing Development Commission’s website.

MOCAP is seeking Low Income Housing Tax Credits through the Missouri Housing Development Commission. The program offers federal and state tax credits for those investing in low-income housing — either by constructing new buildings or renovating current ones. The credits can be applied for 10 years and can be up to a 9 percent tax credit.

In the hearing, state officials will describe the development and accept and record public comments regarding the project. Anyone interested in speaking at the meeting needs to register or submit their written comments in advance to the Missouri Housing Development Commission, 920 Main St., Suite 1400, Kansas City, MO 64105. All public comments must be received by Nov. 19, according to a legal notice published in the Oct. 27 edition of The Missourian. 

Neuenswander said that, if approved to receive the tax credits in December, construction on the third phase won’t begin until the third quarter of 2022, and leases for the third phase won’t be available until sometime in 2023. 

According to Neuenswander, the proposed 48-unit building will be similar to the 42-unit building constructed in phase two. All of the apartments in the third phase will be about 800 square feet. 

Rent will range from $444 to $705 per month if the apartment is labeled “an affordable unit,” meaning that whoever rents the apartment must meet certain income guidelines. If the rent is labeled as a “market unit,” then the rent will vary, and there will be no income restrictions.