Kansas City Welcomes a New Affordable Housing Project
In the heart of Kansas City, Missouri, a promising development is making waves. On October 9, 2024, Advantage Capital, a prominent impact investment firm, announced the financial closure of their latest project, The Oak Park Townhomes. This exciting new construction aims to bring affordable housing to families in the city, with units available for households earning 40%, 50%, and 60% of the area median income.
Creating Opportunities Through Smart Investments
Advantage Capital is well-known for its commitment to investing with intention. Since its inception in 1992, the firm has successfully invested over $4 billion in more than 900 companies, supporting the creation of more than 70,000 quality jobs. Their focus on community development drives them to provide flexible financing to businesses and projects that often struggle to find conventional funding.
The Oak Park Townhomes project is particularly significant, as it is financed via the Federal and Missouri Low Income Housing Tax Credit (LIHTC) programs. These programs offer tax credits that encourage investment in affordable housing, which, in turn, accelerates development where it’s most desperately needed. Michael Dubansky, Vice President at Advantage Capital, expressed enthusiasm about their participation in such vital initiatives. “We are proud to participate in these important programs and be part of the housing solution in Kansas City,” he said.
Affordable Living with Supportive Services
Once completed, Oak Park Townhomes will not just be about providing roofs over heads. Advantage Capital has teamed up with local organizations to ensure that residents have access to essential services. A part-time service coordinator from Phoenix Family, a nonprofit that empowers low-income housing communities, will be on-site to support families in gaining stability and achieving self-sufficiency.
In addition, local organizations like The Salvation Army of Kansas and Western Missouri will be offering veteran services, while First Call will provide crucial substance abuse recovery, counseling, and education support. This multi-faceted approach aims to help residents thrive in all aspects of their lives, not just in finding a place to stay.
Building Quality Homes for the Community
Affordable housing is more important now than ever. Many families struggle to keep up with rising costs, and projects like Oak Park Townhomes are essential to bridging that gap. The goal of advantage Capital is to provide safe, high-quality, and affordable homes for low-income families, veterans, public service workers, and other vulnerable populations.
Kansas City has long needed affordable housing options, and this project is a step in the right direction. The excitement surrounding Oak Park Townhomes can be felt throughout the community, as many look forward to witnessing the positive impact it will have on local families.
Conclusion
As Advantage Capital continues its mission, projects like The Oak Park Townhomes are a beacon of hope for many. With access to affordable units and supportive services readily available, residents can look forward to not only having a place to call home but also the tools they need to build a brighter future. This initiative reminds us that community-driven investments can lead to real, tangible change, making a significant difference in people’s lives one home at a time.
