At the time of acquisition, Monroe Estates in Lebanon, with its unique combination of a senior mid-rise and family townhouses, represented half of the inventory of privately-owned subsidized rental housing in the city.
Monroe Estates comprise seven buildings nestled in a solid residential neighborhood in this growing city with a thriving commercial district. Nearly 50% of the population in Lebanon are renters, many of whom face a severe rent burden, spending 50% of their household income on housing costs. This makes Monroe Estates, with project-based rental subsidies, a particularly valuable asset in the community. The complex is within easy walking distance to shopping, restaurants and churches in the community.
POAH’s purchase was made possible with assistance from the Missouri Housing Development Commission (MHDC), who provided tax-exempt bond financing and an allocation of Low Income Housing Tax Credits. The property historically operates at close to 100% occupancy with rents established by HUD, which allows families earning low wages and elders on fixed incomes to pay only 30% of their incomes in rent.
- US Department of Housing and Urban Development (HUD)
- Missouri Housing Development Commission (MHDC)
- Fairway Construction Co
- Wallace Architects, LLC