Forsyth, MO, Apr 23, 2013 -- Rural Development State Director Anita J. (Janie) Dunning today recognized Bell Management, Inc. and Red-Wood Development, Inc. Ms. Dunning presented certificates in recognition of completion of the rehabilitation of Forsyth Meadows and as acknowledgement of their valued partnerships.
"Completion of the rehabilitation of Forsyth Meadows assures affordable, decent and safe housing will continue to be available in Forsyth. But, rehabilitation of the complex is more,” Dunning said. “The commencement, progress and completion of this project positively affected the economy of Forsyth. Rehabilitation work brought jobs, the purchase of products and services and re-investment. This rehabilitation project contributed to the overall community development and quality of life for all residents of Forsyth. Bell Management and Red-Wood Development are congratulated for completion of the work, but also, for understanding the importance of housing to the vitality of communities."
In 2010, Red-Wood Development Inc. submitted a proposal for tax credits to the Missouri Housing Development Commission (MHDC), the state’s housing finance agency, to aid in the development of affordable senior housing in Forsyth. During 2011, Rural Development (RD) approved a transfer of the current loan from Forsyth Senior Citizens’ Housing, Inc., which allowed MHDC to approve tax credits providing approximately $5,800,000 in equity making it possible to rehabilitate Forsyth Meadows. With construction financing through Arvest Bank, the $6,000,000 project was able to be completed.
Originally built on two sites in 1969 and 1972, the Board of Directors of the Forsyth Senior Citizens’ Housing, Inc. began a tradition of providing the senior population of Forsyth with affordable housing. Completion of this property rehabilitation allows Red-Wood Development Inc. to continue the long tradition of providing the best in affordable housing.
The rehabilitation plan was designed by Blackledge Associates. Completed work includes two new community rooms, laundry rooms, two storm shelters and a complete remodeling of the existing 40 apartments as well as new landscaping.
Bell Management, Inc. will oversee the daily operations of the complex. Bell Management, Inc. has been managing USDA Rural Development and conventional properties for over 27 years. Bell Management, Inc.’s parent company owns 22 Rural Development financed properties and has contracts for management of 35 properties. These 57 properties include both elderly and family complexes.
Anyone seeking more information about Rural Development Multi-Family Housing Programs or any other USDA Rural Development program may visit the Missouri Rural Development homepage at http://www.rurdev.usda.gov/mo or may contact the Springfield Area Office at (417) 831-5246 Extension 4.
For other examples of USDA investments in rural communities, please visit RD's new interactive web map at http://www.rurdev.usda.gov/RDSuccessStories.html. The map features program funding and success stories for fiscal years 2009-2011.
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $181 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
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