ST. LOUIS – U.S. Bank and Golden Management today inaugurated Oak View Village, a 47-unit, affordable-housing apartment complex for seniors in Union, Mo.
U.S. Bancorp Community Development Corporation, the community development subsidiary of U.S. Bank, invested $5.8 million in equity raised from federal and state low-income housing tax credits in the project, which will help meet a strong need for affordable housing for seniors in Franklin County.
This first phase of Oak View Village comprises 13 single-story buildings with 47 two-bedroom units. The development will also have a community center and on-site management office. Thirty percent of the units meet Americans with Disabilities Act design standards.
“As the number of senior citizens rises in Missouri and across the country, demand for safe, affordable, accessible housing has also been rising,” said Vihar Sheth, senior vice president of U.S. Bancorp Community Development Corporation. “Oak View Village helps meet that need while also providing access to support services that enable seniors to stay active and healthy.”
Oak View is close to services seniors may need, including the nearby St. John’s Mercy Medical Building, restaurants, shopping, cinema, bowling alley and the Union Senior Center. The Senior Center has agreed to provide complex residents transportation and access to its activities such as exercise and computer classes, health screenings, manicures, games and, for a minimal cost, weekday lunches. It would also include weekly shopping trips to the local Wal-Mart and grocery store.
“Building this type of apartment development is important for helping seniors live fulfilling lives by living independently and engaging with others in their community. We specifically designed these units to be accessible for those who may have mobility impairments and require the use of a walker or wheel chair,” said Steven Goldenberg, president of Golden Management. “We consider ourselves fortunate, where we can make a living by providing our senior residents with a safe, well maintained, and affordable place to live.”
Golden Management is the developer, contractor and property manager of Oak View Village. The company has built five other similar developments.