Deerfield Village Apartments

Located in Carthage, a city in Missouri's southwest corner very near the Kansas and Oklahoma borders, Deerfield Village Apartments is a 60-unit 100% Section 8 family property consisting of 10 one-bedroom, 34 two-bedroom, and 16 three-bedroom apartments. The ten apartment buildings are situated on 7.2 acres of land along with a community building and playground and represent one-third of the affordable family housing available to the approximately 15,000 residents of that city. 

POAH performed a modest rehabilitation upon acquisition in 2000 funded by federal and state low ­income housing tax credits and tax-exempt bonds issued by Missouri Housing Development Commission (MHDC) including building envelope upgrades to help control operating costs like heating and cooling and some interior upgrades. The tax credit investor exited the partnership in 2015, transferring full ownership of the property to POAH. 

In 2021, POAH was awarded another allocation of federal and state low-income housing tax credits, generating  $4.6M in new investor equity. The tax credit equity was coupled with $5.3M of tax-exempt bonds issued by Jasper County, and $2.9M of POAH financing to fund a major renovation with a construction budget of $4.2M ($71k per unit) and total development cost of $12.9M. Legacy Bank is the permanent and construction lender and Boston Financial is the tax credit investor. 

In 2023, POAH was able to undertake a wider ranging renovation of the property, including new kitchens cabinets, countertops, new bathroom vanities and tub surrounds, new flooring and front entry doors in all units, along with more efficient furnaces and water heaters as well.  Additionally, the old playground was removed and replaced with a new, centrally located one.