MULVANE, Kan. — Boston Capital has invested in the development of Homestead Senior Residences Mulvane II, a 24-unit affordable seniors housing community in Mulvane, approximately 16 miles southwest of Wichita.
The general partner is Homestead Affordable Housing. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit development built in 2012. The amount of Boston Capital’s investment was not disclosed.
LK Architecture LLC designed the community, which will be restricted to residents 62 or older earing up to 80 percent of the area median income (AMI). Twelve units are reserved for seniors earning 60 percent or less of the AMI and eight units are for seniors earning 30 percent of less of the AMI. One unit will feature a preference toward homeless and special needs populations.
Located in six one-story, four-plex buildings, the apartment community will feature 12 one-bedroom and 12 two-bedroom homes.
“Given the market’s incredible demand for affordable housing for seniors, this investment will not only create much-needed affordable housing in Mulvane and its surrounding communities, it will allow seniors to remain in their homes and live independently,” says Jeff Goldstein, chief operating officer and director of real estate at Boston Capital.
The apartment community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in nearly 2,500 affordable apartments in Kansas.