JOPLIN, MO.—U.S. Bank will provide $15 million in construction financing through the Missouri Housing Development Commission (MHDC) for the construction of three separate affordable housing developments in the Joplin area. The three projects financed by U.S. Bank are intended to replace some of the housing stock that was lost in 2011 when a catastrophic tornado destroyed large portions of the city.
“U.S. Bank has been an active participant in the recovery and rebuilding of Joplin in the wake of the tornado that ripped through the community last year,” said Clifford Wert, U.S. Bank Joplin region president. “We care deeply about these communities and are working with local leaders to help get them back on their feet.”
The loans from U.S. Bank are the latest in a series of investments made by the bank in Joplin and nearby communities since mid-2011.
MHDC, which provides financing directly to developers of affordable rental properties, will use the $15 million in funding from U.S. Bank for the construction of:
- Hope Cottages, which is a 32 home, rent-restricted single-family development built on several scattered sites in the Joplin tornado zone. All of the units in the development will contain a safe room designed to protect families in a storm and will be built with green building materials and techniques;
- Canyon Trails, which is a 52-unit affordable housing development. Amenities include fireplaces, vaulted ceilings, washer/dryer hook ups, onsite playground, a large community tornado safe room, community building with library, computer workstations and a work-out facility; and
- Parkwood Seniors, which is a 42-unit affordable senior housing complex located in Joplin that will provide replacement housing for seniors displaced by the Joplin tornado. The Area Agency on Aging & Independent Living Center will provide services to residents.