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Veterans Housing Gets a Boost from LISC
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At a time when large numbers of military service members are returning home with mental health issues, Greater Kansas City LISC is pleased to announce it is answering the call to assist in their hour of need. LISC is providing a $244,030 predevelopment loan to Swope Community Builders to jump-start the development of Cameron Place, a 48-unit housing community exclusively for veterans with special needs.
Located at 3218 Brighton Ave. in Kansas City, Mo., Cameron Place will help address the increasing shortage of housing for returning veterans who need to be near quality mental health support services. The site is conveniently within walking distance of the Veterans Affairs Medical Center on East 32nd Street.
Once completed, 2.17 acres of the blighted 4.2 acres of abandoned buildings will be redeveloped into an attractive and safe housing community. The remaining acreage will be cleared for future development. The site is named after Augustine S. Cameron, a founding member of Swope Community Builders, who is a long-time advocate for veterans and special needs services.
“This project is a win-win for the neighborhood as it looks to revitalize a dangerous property and the community as it strives to support veterans returning from combat,” said Chris Vukas, Greater Kansas City LISC Senior Lending Program Officer. “Greater Kansas City LISC is providing the critical capital to launch this project.”
Greater Kansas City LISC is a charitable lender that invests capital in projects, such as Cameron Place, that are worthy of financial support but would not otherwise receive financing from traditional lenders due to their underwriting restrictions. Since 1981, LISC has invested over $108 million in loans and equity, leveraged with an additional $64 million towards creating more self-sustaining communities.
“Cameron Place will be an asset to the area by reducing crime and blight as well as bringing housing to the neighborhood for veterans with special needs." said Bill Jones, President and CEO of Swope Community Builders. “We appreciate the support from LISC in helping to bring this project to fruition.” Currently, the tract of residential land consists of three abandoned apartment buildings and parking areas constructed in 1968, a playground, and minimal landscaping. The existing buildings are dilapidated and dangerous structures.
The total cost of the project is $8,069,330. The LISC predevelopment loan is being used for property acquisition and related expenses as well as to pay for an environmental study, a feasibility study, architectural and engineering fees, and other costs associated with predevelopment of the property.
Cameron Place is a part of a unique partnership between Greater Kansas City LISC,Swope Health Services and Swope Community Builders to provide safe, affordable housing near a treatment center. In addition to the predevelopment loan, the project has secured a Low Income Housing Tax Credit (LIHTC) allocation and an investor.
Communities are seeing an increase in the need for psychiatric services among veterans returning from Afghanistan and Iraq as at least one-third face symptoms of major depression, post-traumatic stress disorder and traumatic brain injury. According to a 2007 study by the Center for Military Health Policy Research, approximately one-third of the 1.65 million military service members deployed in Iraq and Afghanistan since 2001, return with symptoms of at least one of the three serious conditions.* Unfortunately, over half do not receive proper evaluation and even fewer receive quality mental health care.
> Watch Fox-4 News coverage of the project
For more information about LISC and its loan activities, contact Chris Vukas.
Copyright © LISC 2012
