Boston Capital announced that it is investing in the construction of Prairie View Estates, a 27-unit development in Neosho, Mo.
The developer is Affordable Housing Development, Inc., which will use tax credit equity provided by Boston Capital to build the project.
Prairie View Estates will feature one-story, single-family rental homes available to families earning 60 percent or less of the area median income. Each 1,408-square-foot home will include three bedrooms and two bathrooms, as well as in-unit washers and dryers, two-car garages, patios, ceiling fans, vaulted ceilings, central air, dishwashers, walk-in closets, and FEMA-approved safe rooms. Three homes will be fully handicap accessible.
The development will generate $2.8 million in local salaries and create more than 40 new jobs in the area.
To date, Boston Capital has invested in approximately 5,000 affordable housing units in Missouri.
"Boston Capital is pleased to partner with Affordable Housing Development in this new construction to help meet the growing demand for high-quality affordable homes for families in the Neosho market," said Jeff Goldstein, the firm’s COO and director of real estate, in a statement. "Prairie View Estates' large unit sizes and superior interior amenities will appeal to families looking for affordable, high-quality single family homes."
Affordable Housing Development is owned by Marie and Joe Carmichael. "There is a real need for affordable housing by young people just entering the workforce as well as by others who are returning to work after the economic downturn," said Marie Carmichael.