New, Low-Income Senior-Living Apartment Complex Proposed In Osage Beach

OSAGE BEACH, Mo. — A St. Louis-based development group wants to build affordable senior housing at Lake of the Ozarks. Capstone Development Group has proposed a 40-unit, 3-story apartment complex, and the city of Osage Beach this week will discuss writing a letter of support for the project.

The development, known as The Crescent at Osage Beach, would be located on Parkwood Circle, which is off Passover Road, and — crucially — adjacent to NHC Osage Beach Rehab & Healthcare Center.

The complex would also be powered by solar power, offsetting the utility bills for residents, Capstone says.

The apartment complex would be available to anyone age 52 and older whose income is at 60% or less of the Area Median Income (AMI). According to Fannie Mae's Area Median Income Lookup Tool, the AMI for the area where the apartment complex would be built is $81,400. Based on that number, residents would have to make $48,840 or less (that number could be subject to change by the time the apartment complex is built).

Capstone is applying for Missouri Housing Development Commission to help with the project.

From Capstone's website:

Founded in 1976, Capstone Development Group has built approximately 350 neighborhoods in 17 states, containing some 14,000 homes. Capstone is focused on the use of innovative finance programs to help build our communities.

The Lake of the Ozarks area has an infamously low inventory of affordable housing, and developers around the area have begun proposing apartment complexes in response. Some — like The Preserve at Sycamore Creek — are approved and under construction; others — like ____ — are still pending.

William Luchini, president of Capstone Development Group, submitted a letter to the Osage Beach Board of Aldermen, which included the following project explanation:

My company, Capstone Development Group, LLC will be submitting an application for consideration to the Missouri Housing Development Commission (MHDC). Capstone is proposing the construction of a 40-unit affordable senior community, that will have 3 floors with an elevator. It is to be located on Parkwood Circle in Osage Beach. The intended name will be The Crescent at Osage Beach. If awarded, it will be funded in part by Low Income Housing Tax Credit Funds (LIHTC). This community will be available to seniors who are 55 and older and who are at an income level of 60% or less of the area medium income (AMI}.

Additionally, the community will essentially be a net zero community, meaning the entire community will be powered by solar, thus allowing the residents the benefit of no utility payments. If approved we feel this would be excellent for Osage Beach due to the current shortage of affordable housing in the area.

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