Cleveland, Ohio, Dec. 17, 2021 (GLOBE NEWSWIRE) -- The Millennia Companies® (Millennia) is pleased to announce that the $11.8 million renovation of 152 affordable homes at Line Creek Apartments, formerly known as Englewood Apartments, is complete. The rehabilitation project transformed once-distressed physical conditions and preserved the affordability of the housing complex located at 5432 NW Waukomis Drive in Kansas City, Missouri.
One indication of change is the result of a recent inspection by the United States Department of Housing and Urban Development (HUD). In November, a HUD-certified inspector facilitated the agency’s Real Estate Assessment Center (REAC) process and subsequently issued the apartment development a score of 97c, up 35 points from a previous score of 62c.
To support this rehabilitation, in June 2019, Millennia closed on the financing necessary to preserve the affordable apartment development and soon after broke ground on the construction project, which addressed structural, systemic, and functional deficiencies that developed over time at the decades-old complex. Construction costs totaled $11.8 million, resulting in an investment of over $77,000 per apartment.
The scope of work included extensive improvements to the interiors of the buildings such as removing drywall to the studs, upgrading mechanical systems, and installing new flooring, kitchens, and bathrooms. On the exteriors of the buildings, contractors put in place new roofs, insulation, siding, and energy-efficient windows, among making other infrastructure upgrades. Additionally, there is dedicated space for resident programs and activities in the newly constructed community center.
“We are proud to have preserved this apartment development at a time when access to affordable housing opportunities is needed more than ever in Kansas City and in communities across our nation,” says Frank T. Sinito, Founder and Chief Executive Officer, Millennia. “We are finding that both residents and the surrounding community are embracing the changes made at Line Creek.”
Across Missouri, there is a shortage of 122,075 rental homes affordable and available to extremely low-income households, whose incomes are at or below the poverty guideline or 30 percent of their area median income, according to the National Low Income Housing Coalition.
At Line Creek Apartments, 100 percent of the apartments participate in the HUD Project-Based Section 8 program, meaning that the resident pays 30 percent of their income toward rent and utilities, and the remaining portion of the expenses are subsidized. Additionally, the entire apartment development benefits from low-income housing tax credits.
The following partners provided resources and support for this rehabilitation project: City of Kansas City, United States Department of Housing and Urban Development, Missouri Housing Development Commission, Industrial Development Authority of the City of Kansas City, WNC, Inc., Red Stone and Sterling Bank. Millennia Housing Management, Ltd. is the property management agent.
About The Millennia Companies®
In 1995, Frank T. Sinito founded The Millennia Companies® (Millennia), a high-performance business enterprise with a strong sense of mission to enrich lives. Millennia operates in a closely aligned set of sectors including real estate development and property management, and its portfolio includes more than 275 multifamily residential communities in 26 states - over 100 apartment developments have undergone transformative rehabilitations. In 2020, Affordable Housing Finance ranked Millennia #1 Top 10 Companies Completing Substantial Rehabilitations and #4 Top 50 Affordable Housing Owners; in 2021, Multi-Housing News ranked Millennia #16 Top Multifamily Development Firms.
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