ROLLA SENIOR APARTMENTS
Rolla Senior Apartments involved the acquisition and rehabilitation of an existing Section 202, senior-restricted residential property consisting of 150-homes within one three-story, low-rise building with three elevators. Rolla Apartments, originally constructed in 1979 on 6.77 acres, is comprised of 144 one-bedroom homes and 6 two-bedroom homes.
Community amenities include on-site management/leasing office, community room, computer room, central laundry facility, restrooms, barbecue/picnic area, a gazebo, re-paved parking lot, and secure building access. Further, social services, which are required by the Missouri Development Housing Corporation, are available to the residents through a full-time on-site social services coordinator whose responsibilities include, but are not limited to, coordination of home health care and home delivered meals, arrangement of transportation, arrangement of preventative health screenings, and various resident activities/social programs.
This property was financed by R4 Capital with equity raised from investments in 4% Federal Low Income Housing Tax Credits in the amount of $3.9 million and Missouri State Tax Credit equity of $2.3 million, as well as from the proceeds from the sale of private activity Tax-Exempt bonds supported by 221(d)(4) mortgage insurance.