The Brookside Senior Residences affordable senior apartment community in Augusta is in the process of a major rehabilitation and systems replacement. Built and opened in 2000 by Homestead Affordable Housing, Inc. (HAH), the 48-unit senior development was supported by investors in the federal housing tax credit program, Kansas Housing Resources Corporation (KHRC) and the City of Augusta – which issued taxable bonds and provided tax abatement.
With the initial tax credit compliance period completed, Homestead has arranged for the purchase of the development from the investors.
“The goal of HAH was to have the Brookside development serve the senior of Augusta and the area in perpetuity”, explained Tom Bishop, the HAH president and CEO. “Our objective at this point was to secure the financing to complete the purchase and rehabilitate the community so it continues to provide quality, affordable senior living with a high quality of life for decades.”
The acquisition and rehabilitation plan came to being with new financing from Verus Bank and a HOME grant from KHRC. This package enabled the permanent financing for HAH to occur, as well as to fund over $600,000 in rehabilitation. The rehabilitation includes new roofing, new high efficiency furnaces and air conditioners, new water heaters, new appliances and plumbing and electrical system updates. Energy Star furnaces, air conditioners and additional insulation will lower the utility bills.
“Verus Bank took a major interest in the development financing at our first contact, and it has been great working with Verus Bank and their staff in this process,” Bishop indicated.“HAH has completed nearly a dozen developments across Kansas with many lenders, and Verus Bank has been excellent to work with. We are already discussing other developments and financing options with them.”
Kyle Russell, Verus Bank president and CFO, said, “HAH is a great organization with a tremendous track record, and the Brookside development is a valuable asset to our Augusta market. We are very pleased to serve HAH in their efforts to keep Brookside the outstanding senior community we’ve known it to be.”
Homestead applied to KHRC for a HOME grant to assist with the acquisition and rehabilitation financing as the development was leaving the tax credit partnership. KHRC approved the grant funding, which enables more of the rehabilitation to take place.
The rehabilitation should be completed in the next 45-60 days. An open house and ribbon cutting will be announced in the spring to give the community an opportunity to visit the completed development. Those interested in Brookside Senior Residences can reach the site office at 316-775-2670.