Housing Enhancement Northeast (HEN)
With a mission to fill the need for workforce housing while bringing a growth mindset to Northeast Missouri, Housing Enhancement Northeast was formed.
Since 1972 NEMO RPC has had a role in regional housing needs through the Scotland County Public Housing Agency and then the development of Conkle Street apartments. Although there was a lot of good work being done NEMO RPC felt compelled to do more.
In 2022 NEMO RPC funded a housing needs assessment for the City of Kirksville and also assisted in a 3 county housing needs assessment for Tri-County Electric Cooperative. It was very clear from both assessments that there was a large demand for housing at the middle price points (187k - $280k).
NEMO RPC through Housing Enhancement Northeast will bring the not for profit mindset to housing development to fill the needs of the regional workforce.
With initial capital in the range of $1 million dollars Housing Enhancement Northeast will develop speculative housing throughout the NEMO RPC region.
The funds will be used as a revolving fund with constant development. Once one property sells the development of the next will start.
Partnerships
if you want to go quickly, go alone if you want to go far, go together
After Tri-County Electric Cooperative conducted their housing assessment they felt compelled to make an investment to address the needs of the region they serve. Tri-County Electric along with power provider Northeast Power tapped into their eligible Residential Development Loan funds to make a capital investment to Housing Enhancement Northeast. Each entity loaned $120,000 to NEMO RPC for the use through Housing Enhancement Northeast at 0% interest on a 5 year balloon note. Paired with the capital of NEMO RPC the Housing Enhancement Northeast project will began developing housing with an initial capital amount of around $1 Million.
