Hunt Capital Partners and Fulson Housing Group Celebrate Back-to-Back Grand Openings for Delaware Crossing and Legacy at Northeast in Kansas City, Kansas

Hunt Capital Partners, in partnership with Fulson Housing Group, recently celebrated grand openings for two affordable housing rehabilitations in Wyandotte County, Kansas: Delaware Crossing and Legacy at Northeast Apartments.

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Athena Rice (from left), Randi Jones, Cheryl Downes, James Baker, Frank Bandelow, and Matt Fulson of Fulson Housing Group. Amy Dickerson of Hunt Capital Partners, Terri Bradshaw of Kansas Housing Resources Corporation, Brady Ridnour of UMB Bank, and Deanne Engstrom of Kansas Housing Resources Corporation. (photo credit: Fulson Housing Group)

“Rehabilitating Delaware Crossing Apartments and Legacy at Northeast Apartments is about more than improving buildings — it’s about investing in the people who call them home,” said James Baker, Development Analyst at Fulson Housing Group. “Through this work, Fulson Housing Group is strengthening affordable housing in Kansas City, Kansas, and helping build a lasting legacy of quality, stability, and opportunity for residents.”

Delaware Crossing Apartments

Delaware Crossing is located at 657 South 71st Terrace in Kansas City, Kansas, and the development is a $33 million rehabilitation of an existing family property originally built in 1974. Today, it introduces 125 revitalized homes for Wyandotte County families, 100% of which are designated for families earning up to 60% of Area Median Income (AMI). The community offers 20 one-bedroom, 70 two-bedroom, 31 three-bedroom, and four four-bedroom homes in a single three-story garden-style building. The community benefits from a 20-year project-based Section 8 Housing Assistance Payments (HAP) contract.

Financing for Delaware Crossing included $14 million of Federal Low-Income Housing Tax Credits and $14 million of State Low-Income Tax Credits, both syndicated by Hunt Capital Partners, and $26 million in construction financing from UMB Bank.

Legacy at Northeast Apartments

The partners also recently gathered for the grand opening of Legacy at Northeast, located at 400 Troup Avenue in Kansas City, Kansas. The $15 million historic rehabilitation transformed a four-story building constructed in 1923 as Northeast Junior High School, which served Kansas City’s African American community during segregation. The building now provides 40 homes for seniors ages 55+ and preserves its historic character while modernizing living spaces and common areas. The community offers 31 one-bedroom, six two-bedroom, and three studio homes, all reserved for seniors earning up to 50% and 60% of AMI. Like Delaware Crossing, it benefits from a 20-year project-based Section 8 HAP contract.

“We are very proud of the development at Legacy at Northeast. Our entire team at Fulson played critical roles in the work that went into it, and I want to thank them publicly. We don’t arrive at this point without our whole team. This development breaks the cardinal rule of development, ‘don’t fall in love with a deal,’” said Matt Fulson, President of Fulson Housing Group. “This development is located in a neighborhood that has seen disinvestment for years and years. The history of the school, as the only junior high school to educate African American students in the area during segregation, should not be lost through disinvestment. My father and his 10 siblings attended this school and lived in this neighborhood, and these are the reasons for its new name. This is a legacy. A legacy for my family, for our company and for the northeast area of Kansas City, Kansas.”

Financing for Legacy at Northeast included $8 million in tax-exempt and $2 million in taxable construction financing from UMB Bank. Hunt Capital Partners syndicated $6 million of Federal Low-Income Housing Tax Credits, $6 million of State Low-Income Tax Credits, $2 million of Federal Historic Tax Credits, and $4 million of State Historic Tax Credits.

“Restoring both Delaware Crossing and Legacy at Northeast is exactly the kind of work that drives us,” said Jeff Weiss, President of Hunt Capital Partners. “We’re proud to have helped finance the rehabilitation of these communities, and we look forward to welcoming residents through their doors for decades to come.”

“Seeing Delaware Crossing and Legacy at Northeast reach their grand openings is an incredibly rewarding milestone. Each development presented its own unique challenges and opportunities, but both reflect the importance of investing in existing communities, preserving quality affordable housing, and creating places where residents can feel at home,” said Melissa Burke, Development Analyst at Fulson Housing Group. “It takes an enormous amount of coordination, persistence, and teamwork to bring these projects from an initial vision to a finished development. I am proud to have played a part in that process and grateful to everyone who helped make these properties possible. Most importantly, I hope the lasting impact of these developments will be felt by the residents and the surrounding communities for generations to come.”

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investment funds. Since its inception in 2010, HCP has raised over $4.5 billion in tax credit equity in 55 proprietary and multi-investor funds, financing development in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused on the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.

Fulson Housing Group

Fulson Housing Group is a group of companies dedicated to providing quality affordable housing to communities and families. Through the use of Low-Income Housing Tax Credits and many federal, state, and HUD administered loan and subsidy programs, we are able to develop, construct, and manage Low-Income communities that directly impact the lives of its residents. Our firm is vertically integrated and offers a wide range of development partnership and development consulting services. Whether it is a new construction apartment complex in a rural setting, or a rehabilitation of an existing housing development in a metropolitan area, we strive to build and re-build communities that residents are proud to call home.

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