WELLINGTON FAMILY HOMES

Key Dates

Estimated Closing Date: 10/30/2021
Projected Completion Date: 10/30/2023

Concept

Concept

Concept

Concept

Wellston Community Empowerment Corp.

DETAILS:

Location: Welston, MO
Number of Units: 186
Total Development Cost: $34,301,124
Development Type: Family and Senior
Development Partner:
Wellston Community Empowerment Corp.
Project Type: 4% LIHTC

PROJECTED SOURCES:

1st Mortgage: $17,720,000
Local Funding Source: $4,000,000
Seller Note: $4,490,000
Deferred Development Fee: $985,326
Equity: $19,083,530
Developer Note: $608,492

Total Sources: $46,278,856*
*Final numbers distributed at closing.

PROJECT NARRATIVE:

Wellston Community Empowerment Corp. has partnered with BGC Advantage to demolish (15) units and substantially rehabilitate 186 units on sixty-five (65) parcels as part of the Wellington Family Homes Development Project.

Some of the modernization will include completely renovated apartments with compliant accessibility features as well as an updated leasing office and community services center. New amenities will be designed to address long standing security and safety concerns. The development project will primarily serve low to moderate income families and the properties will target individuals with children and formerly homeless individuals and families.

This project is a community reinvestment that is projected to have a significant and lasting economic impact for the City of Wellston. It represents an anchor for stabilizing the population and plans for growth. The City of Wellston is working on multiple economic development activities which are dependent upon the success of this housing development and future projects.

Amenities & Upgrades: 

  • New paint, flooring, and cabinets

  • Landscaping and fencing

  • Bathroom renovations and plumbing

  • Upgraded lighting and security

  • Kitchen rehabilitation

  • Additional ADA units

  • Energy Star Appliances, including Washers and Dryers

  • New roofs and windows

  • SMART Home Features

  • Sidewalk repair

PROJECT PARTNERS

Developer: BGC Advantage
Non-Profit Partner: Wellston Community Empowerment Corp. 
Architect: DNA Workshop
General Contractor: Synder
Management Company: Allied Orion
Financial Partners:
Missouri Housing Development Corporation
Crea
Citi Community Capital

UNIT COUNTS & RENTAL RATES (186 Total)

Lighthouse - 48 Units

Studio | Units: 20
Contract Rent: $508

1 BR | Units: 28
Contract Rent: $571

Halter Heights I - 16 Units

1 BR | Units: 8
Contract Rent: $571

2 BR | Units: 8
Contract Rent: $740

Halter Heights II - 12 Units

1 BR | Units: 4
Contract Rent: $571

2 BR | Units: 8
Contract Rent: $740

Electric City - 119 Units

2 BR | Units: 10
Contract Rent: $740

3 BR | Units: 47
Contract Rent: $972

4 BR | Units: 25
Contract Rent: $1144

5 BR | Units: 28
Contract Rent: $1316