KANSAS CITY, Mo.--(BUSINESS WIRE)--Homeless or disabled veterans will have a safe, affordable place to live and receive support services with a $8.3 million investment from U.S. Bank (NYSE:USB) for the construction of St. Michael’s Veterans Center Phase II.
The nearly $11.4 million project will receive $8.3 million in equity raised from federal state and federal low-income housing tax credits. It will be used to construct 59 one- and two-bedroom apartments and space for substance abuse counseling, job training and other support services.
“After our nation’s veterans have served their country, this is our opportunity to give back to them, especially those who are enduring homelessness or disabilities,” said Lynn Craghead, senior vice president of U.S. Bank subsidiary U.S. Bancorp Community Development Corporation. “I’ve seen the wonderful impact St. Michael’s Phase I has had and I know Phase II will be equally as significant in changing people’s lives."
Yarco Company Inc. and its affiliates are the developer, property manager, general contractor, and managing general partner and will oversee daily operation of the project at E. 39th St. and Emanuel Cleaver Boulevard. Co-general partner St. Michael’s Veteran Center Inc. has engaged Catholic Charities of Kansas City-St. Joseph to be the lead referral agency to deliver support services and coordinate with other community service providers to customize programs for the needs of the residents.
“We’re grateful to begin building this new phase of St. Michael’s to help improve even more veterans’ well-being,” said Deacon Dan Powers, CEO of Catholic Charities. “Their investment in the development, which includes a 7,000-square-foot service center that will serve residents and area veterans, will offer new, positive opportunities to get veterans’ lives on track.”
Rent for the apartments will range from $657 to $750 a month.
“It’s an honor to provide a safe affordable home to our former military men and women who placed themselves at risk and sacrificed for their country,” said Jonathan Cohn, chief executive officer of Yarco Company.
St. Michael’s Phase I was fully leased within a month after opening July 1, 2014, and has a waiting list of 95 applicants. Some 1,800 veterans need permanent housing in the Kansas City metro area.
Phase II construction is expected to be complete by the third quarter of 2016.
Over the last 17 years in the Kansas City metro area, U.S. Bank has provided 36 developments with more than $170 million in affordable housing tax credit equity.
Through its Proud to Serve program, U.S. Bank supports military men and women nationwide through a variety of initiatives, including:
- Donating homes to wounded warriors,
- Creating three veterans employee business resource groups this year,
- Hiring 340 veterans in 2015 through its Bankers in Boot hiring initiative (more than 1,700 veterans work at U.S. Bank today),
- Volunteer employees teaching financial and job hunting skills to veterans.
With nearly $16 billion in managed assets as of Sept. 30, 2015, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
U.S. Bancorp (NYSE: USB), with $416 billion in assets as of September 30, 2015, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,151 banking offices in 25 states and 5,001 ATMs, and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.