Cost halts Jefferson Commons sale
Published Oct. 3, 2003
The executive director of Texas nonprofit corporation American Housing Foundation said Thursday the company is no longer pursuing the purchase of Jefferson Commons from current owner JPI.
"It doesn't appear as if it's going to work," American Housing Foundation Executive Director Steve Sterquell said.
JPI and Jefferson Commons could not be reached for comment by press time.
American Housing Foundation, which owns about 30 properties in Texas and Oklahoma, had expressed interest in purchasing the apartment complex and using the revenue to fund a scholarship program for low-income or first-generation college students in the community, Sterquell said. The company had discussed the scholarship plan with MU.
Sterquell said he had hoped the deal in Columbia would work out, but the price JPI wanted would have made it difficult for the nonprofit company to fund scholarships.
"We thought the University of Missouri was great to talk to," he said. "It has nothing to do with the community" we thought they were great. We just couldn't agree on a price."
Sterquell said he would not disclose JPI's asking price.
The program the company wanted to start is new, Sterquell said.
"Our goal is to give scholarships to at-need kids," he said. "It's not a loan program, it's a grant. A lot of schools have scholarship programs for lower-income students who excel in academics or who are athletes. What about the average person?"
American Housing Foundation is working to start the program in other states, Sterquell said. The company is looking into purchasing 14 housing communities from four companies, he said.
"We've been approved by universities and cities in Florida, Texas, Oklahoma and California," he said. "The Internal Revenue Service approved it last October."