Housing and Profits ; with the Help of Taxpayers, Columbia Developer Jeff Smith has Built an Empire of Affordable-Housing Projects.
Columbia Daily Tribune › March 02, 2008
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Summary
ST. PETERS - Joan Wood can't imagine a better place to live. Martha Howard calls it "paradise on earth." And Winnie Morrow describes her accommodations as "just like being in a five-star hotel."
Wood, 71, Howard, 77, and Morrow, 85, were talking about life at Wyndham Park, a newly-opened, taxpayer-subsidized housing project for senior citizens built in St. Peters by Columbia developer Jeff Smith.See the full content of this document
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Housing and Profits ; with the Help of Taxpayers, Columbia Developer Jeff Smith has Built an Empire of Affordable-Housing Projects.
Paying rents at roughly $500 a month, senior citizens such as Wood, Howard and Morrow can live in two-bedroom, one-bath apartment units of just less than 800 square feet as long as they meet age and income restrictions. Elsewhere in St. Charles County, they would pay a market rate of $800 to $900 a month for similar living space.
The three women, who live in separate units at Wyndham Park, are beneficiaries of a state program operated by the Missouri Housing Development Commission. Private developers such as Smith build high- quality housing with low rents as taxpayers underwrite the building costs with tax credits and subsidized loans.Some believe Smith is a beneficiary of the program, too, reaping profits from the development fees for the...See the full content of this document
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