Keystone Family Homes 

Carson Lee Estates – Formerly Dogwood – Before

From Award to Signing – In a Mostly Virtual World 

Project overview:

Keystone Family Homes (Scattered Sites)
Keystone Village (formerly Bolivar Rd. Apartments)
Green Way Village (formerly Glenwood)
Carson Lee Estates (formerly Dogwood Square)
Cedarbrook Estates (formerly Cedarbrook)
Arrowhead Town Homes (formerly Villa Marie/Norton Rd)

Number of Units: 297
Total Development Cost: $42,841,583
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

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 BGC Advantage, LLC.  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 will include community space whereby resident support services, including enhanced resident opportunities for self-sufficiency, will be provided.  The educational programs will be 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 will contribute 487 construction jobs and 19 permanent jobs to the community.

Unit Mix & Rents
68 – one bedroom – $484 – $495
124 – two bedroom – $633 – $656
83 – three bedroom – $778 – $1,119
20 – four bedroom – $1,259 – $1,278
5 – five bedroom – $1,477

Twenty-four (24) units will be built to be Accessible Units in compliance with Section 504 Accessible Project Rehabilitation Act of 1973.

Amenities

Professionally landscaped lawns
Community Services Center with computer access
Smoke-free community
Frost-free refrigerators in all units
Energy efficient windows 
Energy Star compliant central air and heat
Washers, dryers, and dishwashers in all units

Development Partners   
RedStone Equity Investors
BGC Advantage, LLC
Cedar Rapids Bank & Trust
Missouri Housing Development Commission
Industrial Development Authority

General Contractor  
Snyder Construction Group

Architect        
Oke-Thomas + Associates, Inc.

Property Management 
Allied Orion Group