Accessible Space, Inc. (ASI) and U.S. Bank have closed on the financing to build a 38-unit seniors housing community in Great Falls, Mont.
U.S. Bank’s Community Lending Division provided a $5.7 million construction and permanent loan that will partially bridge equity invested by U.S. Bancorp Community Development Corporation (USBCDC), the bank’s community development subsidiary. USBCDC invested $6.3 million in equity raised from federal low-income housing tax credits in the $8.3 million project.
Voyageur Apartments will feature 24 one-bedroom and 14 two-bedroom units, with access to a clubhouse, library and computer, fitness and community rooms. Residents will receive support services as needed such as Meals on Wheels, transportation, and activities at Great Falls Senior Center. The apartments will be leased to tenants aged 55 and older earning between 40 percent and 60 percent of the area median income. Rent will range from $387 to $669 a month.
“Affordable housing for seniors is a major need in Great Falls and Voyageur is a solid, positive step toward reducing that need,” Vihar Sheth, senior vice president of USBCDC, said. “When seniors have a safe, caring environment, they and their families endure less stress.”
Voyageur is USBCDC’s second seniors housing project in Great Falls, following completion of the Cascade Ridge Apartments. Voyageur is the second senior housing development that USBCDC has partnered with ASI on. The first is nearing completion in Greeley, Colo.
Oswood Construction is the general contractor and Distyle Design is the architect. Construction is expected to be completed about 12 months after it begins.
ASI is a nationwide organization providing accessible, affordable housing, property management and supportive living services to over 3,000 adults with physical disabilities and brain injuries, as well as seniors, in 141 residential homes and apartment settings in 31 states.