SPRINGFIELD, MO--(Marketwired - February 27, 2017) - Spencer Fane is pleased to announce the commencement of construction of the Talia Apartments, a project being developed through a partnership between the Vecino Group, LLC, and the Family Violence Center, a Springfield, Mo. non-profit that provides safety and support for survivors of domestic violence. Shawn Whitney of Spencer Fane worked closely with the Vecino Group to monetize the low income tax credits needed to construct the facility.
Financing of such projects with tax credits and other development incentives often involves multiple layers of debt and equity, leading to challenging and time-consuming business, tax and legal issues. The Spencer Fane team leverages its depth of experience and expertise in real estate, finance, government policy, partnership matters and general corporate and not-for-profit law to guide these projects to completion, from deal origination throughout the life of the investment and into disposition.
Talia Apartments is the first Missouri Housing Development Commission (MHDC) Low-Income Housing Tax Credit (LIHTC) funded housing project for domestic violence survivors.
"We are pleased and humbled to contribute to this project," said Shawn Whitney. "Far too many domestic violence survivors return to their abusers or dangerous situations because they don't have safe and permanent housing. We are confident that Talia Apartments will become a safe haven for women throughout Springfield and central Missouri who are trying to escape dangerous situations."
Studies have shown that the odds of domestic violence survivors going back to their abuser are reduced by roughly 50 percent if they are placed in permanent, supportive housing. Talia Apartments offers 46 permanent housing units serving individuals and families. 23 will be reserved for survivors of domestic violence; 23 will be offered as an affordable housing options for others who qualify under special population requirements. This mixture will create an integrated environment for residents, minimizing any stigma associated with living in the community.
The apartments will be offered to qualifying residents at affordable rent, set below market value at 30% AMI for special needs-specific units. Rental assistance vouchers will also be available from the Department of Mental Health.
The Spencer Fane Tax Credits, Housing and Development Incentives group works with organizations throughout the county through the adaptive reuse of historic buildings, the development of affordable housing and real property investments in distressed areas. Other projects completed by Spencer Fane include Roaster's Block and Hotel Phillips in Kansas City, MO., the Tulsa Club, in Tulsa, Okla., the Hudson Arthaus in Troy, NY., and Faxon School Apartments in Kansas City, Mo.
About Spencer Fane
Spencer Fane is a full-service business law firm focused on providing results that move clients and their businesses forward. With direct access to firm leadership and a different approach to client engagement, its attorneys instill confidence and certainty that the clients' interests are the firm's priority. The firm has offices in Colorado Springs and Denver, Colo.; Overland Park, Kan.; Jefferson City, Kansas City, Cape Girardeau, Springfield and St. Louis, Mo.; Omaha, Neb.; Oklahoma City, Okla. and Dallas, Texas. For more information, visit spencerfane.com or follow @spencerfane on Twitter.