North East Community Action Corporation (NECAC) President and Chief Executive Officer Don Patrick last week announced the agency has been awarded $7.5 million in Missouri Housing Development Commission (MHDC) financing to build 40 two-bedroom apartments to be called Fairgrounds Villa in Warrenton.MHDC announced approval of the project at its annual awards meeting Dec. 4 in Columbia. The NECAC proposal was one of 31 approved out of 99 statewide applications that were submitted to the commission.“We are excited about the opportunity to provide additional quality apartments for senior citizens in the Warren County area,” Patrick said. “We thank the Missouri Housing Development Commission and our affordable housing development partners.”NECAC was awarded MHDC tax credits to finance the work. Tax credits are used to buy, build or renovate affordable housing.Developers sell the credits to investors to raise money for their projects, which reduces developers’ debts. Investors get a dollar-for-dollar credit against their federal tax liability for a specified number of years. The amount of the credit is based upon the amount invested in affordable housing.NECAC also was awarded $300,000 in HERO program dollars and $69,000 in Missouri Housing Trust Fund dollars by the commission for other affordable housing development and rehabilitation activities.NECAC and its investment and construction partners will build Fairgrounds Villas at 608 Fairgrounds Road on the north side of Warrenton.The apartments will be available for income-qualifying people ages 62 and older. The complex will have a community room and the units will feature all major appliances. Rent is projected at around $450 a month.“It’s really going to be nice,” said NECAC Deputy Director for Housing Developments Carla Potts. “We’re very excited about this project and we feel it will help seniors age in place in their surroundings on their terms.”Construction is expected to begin in 2016 and take about a year. NECAC is no stranger to housing developments in Warrenton. In 2004, the agency was a partner in the first phase, 48-unit construction at the Hawthorne Village Apartments and currently owns and manages the 24-unit Donna Marie Apartments.NECAC is a 12-county area not-for-profit social service, community health and public housing Community Action Agency that administers and operates programs for the low-income, elderly, youth, handicapped and disadvantaged through partnerships, contracts and grants with government agencies, private businesses and other non-profit groups. It is one of 19 nonprofit Community Action Agencies in Missouri and part of a national network of 980 agencies.Since 1997, NECAC has been a partner in the construction, renovation, management or planned development of more than 1,300 apartments and homes for the elderly, families and the disabled in 27 Missouri communities. The developments represent an investment of more than $72 million in the development of quality, affordable housing.NECAC