Downtown Kansas City SaleDan Piatkowski
Gateway Plaza, located in downtown Kansas City, closed in late November. The 147 unit property has 99% HAP coverage. Two units are market rate. Well located in downtown Kansas City, Gateway is comprised of two and three bedroom units. They are large townhome style units with basements.
The owner is a regional owner and operator of affordable housing communities who renovated the community using Low-Income Housing Tax Credits in the mid 1990’s. The property was beyond it’s initial tax credit compliance period and in the last year of it’s budget-based exception rent contract.
The in-place 20-Year exception rent HAP contract was up for renewal and required the purchaser to submit a new budget to be approved for a new 20-year HAP Contract. While the purchaser does not plan on a LIHTC renovation, they plan on performing significant renovations to the community which were critical for approval of the budget-based rents and waiver of the LD.