Golden Rule Plaza | |||||||||||||||||||||||||||||||||||
The story of Golden Rule Plaza began in 1989. Bible Way Church had big plans to build affordable apartments for seniors in their community. However, over the next 10 years they were faced with many obstacles. By 1999, they had invested $800,000 in the project and had yet to even reach the construction phase.
That’s when MissionFirst entered the picture. Over the next 18 months, MissionFirst worked to tear apart the pieces of what had been done up until that point and put it back together. They took a fresh look at the project, re-evaluating everything from the site development, architectural plans, and choice of construction financing, including obtaining grants and tax credits. MissionFirst was able to find public financing partners who issued $10 million in debt financing and another $7 million in tax credits. And MissionFirst did not stop there. They worked side-by-side with Golden Rule Plaza, Inc., the Church’s development group, until the project was completed. For example, MissionFirst considered how to build a project with today’s senior in mind. Initially, architects had planned an “arts & crafts” room. However, when MissionFirst surveyed potential residents they found they wanted an exercise room. The building now includes many other areas for socializing, including a large community room that accommodates gospel choir performances and birthday celebrations, a welcoming lounge and a landscaped outdoor patio area. MissionFirst’s careful planning and oversight yielded apartments that averaged a modest $155,000 per unit. This means that in a city where rents easily average $2,000 a month just down the street, Golden Rule Plaza, Inc.’s seniors pay from $599 to $1,035 a month—depending on the size of their apartment. Today, Golden Rule Plaza, a new, seven-story building with 119 senior apartments, combines various size units including studios and one- and two-bedroom apartments. Apartments are completely modern and due to $1 million in savings realized by MissionFirst, apartments include “extras” such as ceramic tiled bathrooms with marble-topped vanity sinks, and built-in microwaves in every kitchen. All living units are ADA compliant and 15 percent of the units are fully handicapped accessible. Financing Program: Low-Income Housing Tax Credits, Tax-Exempt bonds, Equitable Housing Linkage Grant, Sponsor Loan and Equity, HOME, CDBG. MissionFirst’s Role: Development manager overseeing all aspects of project, including: identifying and securing financing, securing equity investor, overseeing development team, overseeing construction through project stabilization. Development Costs:
Unit Descriptions:
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