Boston Capital is investing in the construction of Prairie View Estates, a 27-unit development for families located in Neosho, Mo. The development will be built with tax credit equity from the Low Income Housing Tax Credit program.
The developer is Affordable Housing Development, Inc.
The construction of Prairie View Estates will generate $2.8 million in local salaries and create more than 40 new jobs in the Neosho area. Boston Capital’s investment in the development adds 27 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in about 5,000 units of affordable housing in Missouri.
Prairie View Estates will feature 27 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.
“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 downtown,” said Marie Carmichael, who along with Joe Carmichael, owns Affordable Homes Development.
