Madisonville Manor apartments may get major upgrade

Posted 2/11/20

Madisonville Senior Housing, LP plans to launch a major reconstruction project to Madisonville Manor apartments, while keeping the complex under the guidelines for affordable housing for senior citizens and taking benefit of a federal tax credit.

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Madisonville Manor apartments may get major upgrade

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Madisonville Senior Housing, LP plans to launch a major reconstruction project to Madisonville Manor apartments, while keeping the complex under the guidelines for affordable housing for senior citizens and taking benefit of a federal tax credit.

The company, a unit of Oklahoma City-based Belmont Development Co., told city council members Monday evening that the project should not displace current residents or substantially change their rents after completion.

“The same tenants will be allowed, encouraged to stay,” said Corey Farmer, a vice president of Belmont. If residents are temporarily moved due to construction, he said, the company will pay for any temporary housing and moving costs.

“No residents will incur any out-of-pocket costs.”

Farmer spoke to the Madisonville City Council at their regular meeting to ask members to draft a letter of support for the project that will help the company get the project and tax rebate approved by the Texas Department of Housing and Human Affairs and the Internal Revenue Service.

Council members also agreed to waive $250 of construction or building fees associated with the reconstruction as a show of support.

“This sounds like something the (current) residents would benefit from,” Mayor pro-tem Russell Bailey said.

Farmer explained that the company will try to get the project covered under the Low-Income Housing Tax Credit program. That program, created in 1986 and made permanent in 1993, is an indirect federal subsidy used to finance the construction and rehabilitation of low-income affordable rental housing. In return, investors receive tax credits paid in annual allotments, generally over 10 years.

Farmer said Madisonville Senior Housing would transfer the potential tax credits to a private investor, operating the project and property as a public-private partnership.

But, he cautioned, the project might not be approved for the tax credits, which could quash the reconstruction.

“We try not to make a big deal to the current residents, because there’s no guarantee that we’ll get the funding.”

The company hopes to have one complete building at the 32-unit complex, located at 1610 E. Collard St., empty of residents through attrition before construction begins. The company would be responsible for locating comparable housing for any displaced residents.

Belmont Development is itself a unit of Belmont Management Co., which operates 120 communities in Texas, Oklahoma, Colorado, Kansas and Arkansas, all of which fall into the low-income housing definition.

“We are strictly about affordable housing communities,” Farmer said.

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