FOR IMMEDIATE RELEASE July 28, 2022
Marion Ridge Ground Breaking
It is my pleasure to share with you an exciting addition to the MRE Capital portfolio. We are thrilled to have received an allocation for Low Income Housing Tax Credits from the Kansas Housing Resources Corporation (KHRC) that will allow for the new construction of this transformative project in Marion, KS. The development will add 28 new family units to the beautiful community of Marion, KS. The project is uniquely positioned directly in between two significant military bases being Fort Riley and McConnell Air Force Base. Our proposal is to provide a small set aside of the units for permanent supportive housing to veterans and their families while also targeting other local working families in Marion with an opportunity for a path to home ownership.
Partnering with organizations such as Phoenix Family Housing allows us to provide on-site resources to serve the entire development helping build a sense of community among residents, providing meaningful and relevant education opportunities for residents, and arranging access to a variety of other services. We have an experienced team to ensure the homes will be designed with an elevation to create an inviting residential setting intended to compliment the community.
All of our communities are built with the highest quality products available to ensure sustainable, green projects. The property will be professionally managed by a local on-site manager. There are also maintenance technicians that addresses any repairs that become necessary. We have similar communities in many central Kansas communities similar to Marion and know the long-term impact of providing quality, affordable housing opportunities coupled with strong ownership and management. The homes will be marketed to families of moderate-middle incomes. Some people have confused this with the Section 8 HUD housing. It is not. It is an entirely different program. The rents are less than the rents of comparable homes because of the financing structure that has been used to pay for part of the initial construction cost. The household is still expected to pay the entire rent amount and must obey strict lease requirements which are often more strict than market rate rentals.
The new houses will all be built as 3 bedroom homes with rental rates estimated under $750 per month. Each new home will have modern amenities and fully equipped kitchens and include washer & dryer hookups for the residents.
This community collaboration would not have been possible without the community mindedness of so many partners. Homes are expected to be ready for move-ins in the spring of 2024 but information will be available on-line to join our progress on this journey. We will be hosting an Open House preceding units being ready and will look forward to inviting you and keeping you apprised of our progress as we move forward on this exciting project.
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