U.S. Bank Invests $8.3 Million in Phase II of St. Michael’s Veterans Center
KANSAS CITY, Mo.–(BUSINESS WIRE)–Homeless or disabled veterans will have a safe, affordable place to live
and receive support services with a $8.3 million investment from U.S.
Bank (NYSE:USB) for the construction of St. Michael’s Veterans Center
Phase II.
The nearly $11.4 million project will receive $8.3 million in equity
raised from federal state and federal low-income housing tax credits. It
will be used to construct 59 one- and two-bedroom apartments and space
for substance abuse counseling, job training and other support services.
“After our nation’s veterans have served their country, this is our
opportunity to give back to them, especially those who are enduring
homelessness or disabilities,” said Lynn Craghead, senior vice president
of U.S. Bank subsidiary U.S. Bancorp Community Development Corporation.
“I’ve seen the wonderful impact St. Michael’s Phase I has had and I know
Phase II will be equally as significant in changing people’s lives.”
Yarco Company Inc. and its affiliates are the developer, property
manager, general contractor, and managing general partner and will
oversee daily operation of the project at E. 39th St. and
Emanuel Cleaver Boulevard. Co-general partner St. Michael’s Veteran
Center Inc. has engaged Catholic Charities of Kansas City-St. Joseph to
be the lead referral agency to deliver support services and coordinate
with other community service providers to customize programs for the
needs of the residents.
“We’re grateful to begin building this new phase of St. Michael’s to
help improve even more veterans’ well-being,” said Deacon Dan Powers,
CEO of Catholic Charities. “Their investment in the development, which
includes a 7,000-square-foot service center that will serve residents
and area veterans, will offer new, positive opportunities to get
veterans’ lives on track.”
Rent for the apartments will range from $657 to $750 a month.
“It’s an honor to provide a safe affordable home to our former military
men and women who placed themselves at risk and sacrificed for their
country,” said Jonathan Cohn, chief executive officer of Yarco Company.
St. Michael’s Phase I was fully leased within a month after opening July
1, 2014, and has a waiting list of 95 applicants. Some 1,800 veterans
need permanent housing in the Kansas City metro area.
Phase II construction is expected to be complete by the third quarter of
2016.
Over the last 17 years in the Kansas City metro area, U.S. Bank has
provided 36 developments with more than $170 million in affordable
housing tax credit equity.
Through its Proud to Serve program, U.S. Bank supports military men and
women nationwide through a variety of initiatives, including:
- Donating homes to wounded warriors,
- Creating three veterans employee business resource groups this year,
-
Hiring 340 veterans in 2015 through its Bankers in Boot hiring
initiative (more than 1,700 veterans work at U.S. Bank today), -
Volunteer employees teaching financial and job hunting skills to
veterans.
With nearly $16 billion in managed assets as of Sept. 30, 2015, U.S.
Bancorp Community Development Corporation, a subsidiary of U.S. Bank,
provides innovative financing solutions for community development
projects across the country using state and federally sponsored tax
credit programs. USBCDC’s commitments provide capital investment to
areas that need it the most and have contributed to the creation of new
jobs, the rehabilitation of historic buildings, the construction of
needed affordable and market-rate homes, the development of renewable
energy facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
U.S. Bancorp (NYSE: USB), with $416 billion in assets as of September
30, 2015, is the parent company of U.S. Bank, the fifth-largest
commercial bank in the United States. The company operates 3,151 banking
offices in 25 states and 5,001 ATMs, and provides a comprehensive line
of banking, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Contacts
U.S. Bank Corporate Communications
Shera Dalin, 314-335-3335
shera.dalin@usbank.com
Twitter
@usbank_news
