Boston Capital Invests in 24-Unit Affordable Seniors Housing Expansion Near Wichita
MULVANE, KAN. — Boston Capital has invested in the development of Homestead Senior Residences Mulvane II, a 24-unit affordable seniors housing community in Mulvane, approximately 16 miles southwest of Wichita. The partner is Homestead Affordable Housing Inc. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit development built in 2012. The amount of Boston Capital’s investment was not disclosed.
LK Architecture LLC designed the community, which will be restricted to residents age 62 or older and who earn up to 80 percent of the area median income (AMI). More specifically, 12 units are reserved for seniors earning 60 percent or less of the AMI and eight units are for seniors earning 30 percent or less of the AMI. One unit will feature a preference toward homeless and special needs populations. Located in six one-story, four-plex buildings, the apartment community will feature 12 one-bedroom and 12 two-bedroom homes. The apartment community will be built with tax credit equity from the low-income housing tax credit (LIHTC) program. To date, Boston Capital has invested in nearly 2,500 affordable apartments in Kansas.