The not-for-profit North East Community Action Corporation (NECAC) and its construction partners will cut a ribbon at 11 a.m. Oct. 12 on the $7.5 million Fairgrounds Villa senior apartments in Warrenton.Construction work is on schedule and applicants are being put on a waiting list as residents will begin to move in as buildings are completed.NECAC was awarded Missouri Housing Development Commission (MHDC) tax credit financing to build the 40 two-bedroom units.“We look forward to the formal ribbon cutting at Fairgrounds Villa,” said NECAC President and Chief Executive Officer Don Patrick. “We are also very excited about being able to provide affordable, quality apartments for our senior population in the Warren County area.”Patrick said NECAC could not have accomplished the project or the many others it has undertaken “without the help of our many affordable housing development partners, with whom we have enjoyed a close and mutually beneficial working relationship.”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.The new development is at 608 Fairgrounds Road on the north side of Warrenton. The apartments are available for income-qualifying people ages 62 and older.The complex has a community room and the units feature all major appliances. Rent is projected at around $450 a month.D & H Hutson Contracting LLC of Cuba, is the general contractor, with additional area subcontractors. Ground was broken on the project Dec. 1, 2016.NECAC is no stranger to housing developments in Warrenton.The agency was a partner in 2004 in the first phase, 48-unit construction at the Hawthorne Village apartments and owns and manages the 24-unit Donna Marie apartments.Since 1997, NECAC has been a partner in the construction, renovation, management or planned development of 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