KANSAS CITY, Mo. (KCTV) – A building on Armour Boulevard was for sale, a situation that often leads to the loss of affordable housing, according to Kelley Hrabe, managing member of Riverstone Platform Partners.
Hrabe said projects initially developed as affordable housing often lose that status once their affordability period ends.
“A lot of the projects that were initially developed as affordable housing have turned out of their affordability period,” Hrabe said. “So they’re converted to market rate and upgraded. The rents are doubled. And what that does is reduces the supply of affordable housing in the marketplace.”
On Armour Boulevard, that pattern did not play out. Scott Cooper, executive director of Metro Lutheran Ministries, said the property was at risk of losing affordable housing…