Construction of affordable housing at St. Michael’s Veterans Center
is the first step in the creation of a comprehensive campus for homeless
veterans
KANSAS CITY, Mo.--(BUSINESS WIRE)--Aug. 1, 2013--
U.S.
Bank is providing more than $17.7 million in financing to help
Kansas City, MO-based Yarco
Companies and Catholic
Charities of Kansas City – St. Joseph, Inc. construct the first
phase of St. Michael’s Veterans Center. Designed to become a
comprehensive housing and support services campus for military veterans
with special needs, the first phase of development will bring 58
one-bedroom affordable housing units to Kansas City by May 2014.
“Imagine serving your country overseas, only to return to no job and no
place to live,” said Lynn Craghead, senior vice president of Low-Income
Housing Tax Credit investments for U.S.
Bancorp Community Development Corporation, the community development
subsidiary of U.S. Bank that partnered on financing. “Unfortunately,
this situation is the reality for many returning Americans. St.
Michael’s Veterans Center is designed to respond to veterans’ unique
needs and empower them to successfully reintegrate within their family
and their community.”
Located on a 22-acre campus in close proximity to the Kansas City
Veterans Affairs Medical Center, St. Michael’s Veterans Center will be
built in three phases and will eventually include 180 affordable rental
units, a support services center offering counseling, job training, and
medical and case management resources, an honor garden, and a
recreational building.
“Approximately 95,000 veterans call the Kansas City area home,” said
Deacon Dan Powers, CEO of Catholic Charities. “In 2010, about 20,000 of
those were living with a disability, more than 6,000 were at or below
the poverty level, and nearly 30,000 were unemployed or not
participating in the labor force. A holistic approach to reentry like
St. Michael’s, which couples housing and necessary support services,
maximizes opportunities for veterans to recover a stable, healthy
lifestyle.”
As the anchor of the campus, permanent housing will provide long-term,
safe affordable residences to veterans, those who are homeless, or live
with disabilities. The residential units will promotes self-reliance in
a fully sustainable setting.
“We’re proud to partner with U.S. Bank and Catholic Charities to provide
for veterans, just as service men and women have provided for us,” said
Jonathan Cohn, president of Yarco. “We have a history of providing
quality rental housing options to residents of Kansas City, and are
pleased to be able to extend our reach to this important population.”
U.S. Bank’s commitment to St. Michael’s Veterans Center includes nearly
$10.2 million of federal and state Low-Income Housing Tax Credit (LIHTC)
equity, a $683,000 Affordable Housing Assistance Program (AHAP) donation
for the benefit of the development, and a $6.9 million construction loan
in participation with Missouri
Housing Development Commission (MHDC) via the bank’s
$125 million credit facility with the agency. MHDC also committed HOME
funds and an allocation of LIHTCs to the project. LIHTCs, which were
capitalized by U.S. Bank, are subsidizing the cost of the development,
allowing the housing units to be rented at below-market, affordable
rates.
U.S. Bank is nationally recognized as one of America’s top corporate
supporters of the military. As of April 2013, U.S. Bank employed 2,000
veterans, including soldiers of the National Guard and Reserve. More
than 600 veterans were hired in 2012 alone. U.S. Bank has been
recognized by organizations including Employer Support of the Guard and
Reserve and G.I. Jobs and Military Times magazines for
support of its military employees.
About Catholic Charities of Kansas City - St. Joseph, Inc.
Since
1879, Catholic Charities of Kansas City - St. Joseph, Inc., has touched
the lives of millions of individuals and families by providing social
services regardless of race, gender, economic or religious background.
Although named Catholic Charities, more than 75% of those served are not
of Catholic faith. Catholic Charities is accredited through the Council
on Accreditation, a comprehensive process by which an organization
completes a thorough self-study and on-site review by trained Peer
Reviewers. Catholic Charities serves more than 150,000 individuals each
year with food, shelter, and utilities along with hope-filled services
of more than 50 community-focused programs.
About Yarco
Yarco is a Kansas City, MO based, 90-year old
professional real estate firm specializing in multi-family housing.
Yarco’s principals have led the development of more than 8,000 apartment
homes in more than 70 communities, with total developed values in excess
of $550 million. Yarco currently has a multi-family management portfolio
of 9,000 apartment units throughout the Midwest and Southwest. Yarco’s
work has been honored with the Kansas City Business Ethics Award,
and Yarco’s culture won them a Kansas City Best Places to Work Award.
Yarco is nationally recognized for acquiring and repositioning the
physical and economic performance of affordable housing communities.
Successful repositioning results have been acknowledged by receipt of
the HUD Community of the Year Award, and multiple Missouri
Governor’s Awards for Excellence in Affordable Housing.
About U.S. Bancorp Community Development Corporation
With
more than $11.7 billion in assets as of June 30, 2013, U.S. Bancorp
Community Development Corporation, a subsidiary of U.S. Bank, provides
innovative financing solutions for community development projects across
the country using state and federally sponsored tax credit programs.
USBCDC's commitments provide capital investment to areas that need it
the most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $353 billion
in assets as of June 30, 2013, is the parent company of U.S. Bank, the
5th largest commercial bank in the United States. Celebrating its 150th
anniversary this year, the company operates 3,087 banking offices in 25
states and 5,032 ATM and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.
Source: U.S. Bank
Teri Charest, U.S. Bank Corporate Public Relations
(612) 303-0732, teri.charest@usbank.com