Boston Capital announced that it is investing in the development of Homestead Senior Residences Mulvane II, a 24-unit development for seniors in Mulvane, Kan.
The general partner is Homestead Affordable Housing, a nonprofit based in Holton, Kan.
Located 16 miles southeast of Wichita, Homestead Senior Residences Mulvane II will serve seniors 62 and older earning 80% or less of the area median income (AMI). Twelve units will be reserved for seniors earning 60% or less of the AMI, and eight units are for seniors earning 30% or less of the AMI. One unit will feature a preference toward homeless and special-needs populations.
The new development will be adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit senior community built in 2012.
It will feature six one-story, four-plex buildings, with 12 one- and 12 two-bedroom homes. Each Energy Star 3-certified unit will offer concrete safe rooms, washers and dryers, and cabinets that easily convert to be accessible at sinks if needed. Units will also include central air conditioning, blinds, ceiling fans, walk-in closets, patios, and dishwashers. Development amenities will include a community room, a picnic area, a dining area with TV, and a computer room. LK Architecture designed this development and has been an ongoing member of the HAH development team.
“We’re excited to partner with Tom Bishop and the team at Homestead Affordable Housing in the development of Homestead Senior Residences Mulvane II,” said Jeff Goldstein, COO and director of real estate at Boston Capital. “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.”
Boston Capital is providing $3.2 million in LIHTC capital. To date, the firm has invested in nearly 2,500 affordable apartments in Kansas.