Highland Acres Apartments
The adjoining senior properties at Highland Acres and Highland Meadows represent a valuable asset in Carthage, Missouri, where the senior population is growing and many town elders live at or below the poverty line.
Both sites feature single-story attached homes built in the late 1970s with comfortable one-bedroom apartments, all of which benefit from project-based rental subsidies. Each apartment has its own outdoor patio. The nine buildings on five acres at Highland Acres include 35 apartments as well as a community room. At Highland Meadows, 44 apartments are situated among eleven buildings on four acres, with a separate building housing the community room as well as an office shared by both properties. The nearby neighborhood is solidly residential, with easy access to several highways and the Carthage business district.
The Highland Acres and Meadows properties were part of POAH's inaugural 2001 purchase. A pre-sale report from an appraiser in 2000 asserted that these properties could convert to market-rate rents with "no, or at least little, disruption." Fortunately, Highland Acres and Highland Meadows were instead preserved by POAH with modest renovations completed using MSHDA loan proceeds and equity from the sale of Low Income Housing Tax Credits.