Preserving Affordable Housing and Local History

MAKING HOME POSSIBLE IN MISSOURI

In addition to supporting the creation of new affordable rental housing, Freddie Mac is working to preserve existing multifamily units at risk of falling into disrepair and out of the housing supply. Financing from our forward program has been instrumental in supporting the renovation of historic properties — such as Jazz Hill Apartments in Kansas City, Missouri — to help communities protect affordable housing while retaining important cultural landmarks.

The Paseo is a historic boulevard that runs through downtown Kansas City, dotted with a series of gardens, monuments and fountains. Rich in cultural history, the Paseo is a popular parade route and is home to the city’s Negro Leagues Baseball Museum and American Jazz Museum. Jazz Hill Apartments sits at the intersection of the Paseo and 12th Street, serving as a prominent piece of the streetscape since it was built at the turn of the 20th century. 

Dwayne Williams, CEO of 12th Street Heritage Development Corporation, a local organization with a mission to improve the quality of life for residents of Kansas City’s most challenged urban neighborhoods, recalls how important those buildings have been to the community.

“The buildings face out to the boulevard and add to the beauty of the boulevard itself,” Williams said. “People could look out and wave at the parades going down the boulevard. That’s one of the things that made Kansas City special.”

Decades of neglect had left eight of the property’s 11 apartment buildings uninhabitable and the rest in need of major repairs.

To finance a nearly $38 million renovation project at Jazz Hill Apartments, Freddie Mac facilitated a Forward Tax-Exempt Loan for 12th Street Heritage Development Corporation and Flaherty & Collins Properties.

Once completed, the property will become a 181-unit affordable housing community with a mix of studios, one-bedroom and two-bedroom units. All of the property’s rental units are rent- and income-restricted.

Each unit at Jazz Hill Apartments will undergo over $200,000 in renovations, which include masonry, windows, porches and columns, in addition to new appliances, HVAC, roofs, flooring, bathrooms, cabinets, lighting and elevators.

Along with providing much-needed affordable housing, this project has helped restore an important piece of the neighborhood. Seven of the buildings are completed and open for residents, with the remaining buildings scheduled to open by the end of 2024.

“Freddie Mac has given us the ability to bring these buildings back to life, restoring the beauty of Paseo Boulevard and restoring the presence of Jazz Hill Apartments,” Williams said. “It’s tremendously important for the surrounding community. This is the beginning of revitalizing affordable housing in Kansas City.”

Freddie Mac’s forward program enhances the supply of new and rehabilitated affordable housing by providing certainty of permanent financing, even in volatile markets.

In 2023, Freddie Mac Multifamily helped create and preserve affordable rental housing by funding a record $2.6 billion in forward conversions, which supported more than 21,000 newly constructed or rehabilitated affordable units. In addition, Freddie Mac Multifamily issued new commitments to fund $2.3 billion in future years, supporting over 22,000 units that will be constructed or rehabilitated.

To learn more about Freddie Mac’s commitment to supporting the creation and preservation of affordable rental housing, visit the Our Mission page.