最新杏吧原创

ST. LOUIS 鈥� Five low-income housing projects will receive direct grants from the city鈥檚 allocation of pandemic aid money.

The projects were chosen by the 最新杏吧原创 Development Corp., which is administering $20 million in American Rescue Plan Act money for affordable housing production. SLDC鈥檚 board approved the allocations of between $500,000 and $750,000 Thursday.

Some $4 million of the affordable housing pool was set aside to support housing for those on the lowest end of the income distribution scale. People in that category make below 30% of area median income, or less than $28,450 for a family of four. Affordable rent is calculated as 30% of a family鈥檚 income, or about $700 a month for families at a third of the area median.

Several of the projects chosen for grants have already received allocations of state and federal low-income housing tax credits from the Missouri Housing Development Commission.

鈥淲e have a shortage of 30% (AMI) rental housing units available, and even with the low-income tax credit program, it鈥檚 still very challenging to provide these affordable units at this level,鈥� SLDC Director Neal Richardson said. 鈥淭his additional level of subsidy allows these developers and projects to actually make more accessible units available for those at the lowest levels of income.鈥�

The projects approved Thursday include:

鈥� Cornerstone, a community development corporation focused on the West End area, will get $120,000.

鈥� Preservation Square, McCormack Baron Salazar鈥檚 roughly $100 million rehab of an existing 556-unit apartment complex north of downtown, will get $750,000. The project has already received a $30 million federal grant and several rounds of LIHTC worth tens of millions of dollars, including of some $20 million in credits over the next decade.

鈥� Hillvale Apartments, a troubled Northwest 最新杏吧原创 apartment complex, will get $500,000. The developer has also received $15.7 million in low-income housing tax credits and was approved for tax-exempt bond financing.

鈥� Northside Heights, a 65-unit affordable housing development in the Ville being developed by nonprofits Northside Community Housing Inc. and Rise Community Development, will get $700,000. The state in December approved $1.2 million in annual tax credits over the next decade for the project.

鈥� Residences at Northpoint, a 45-unit development next to Vashon High in the Jeff-Vander-Lou neighborhood, will get $700,000. It is being developed by NDC Housing and Economic Development Corp.

SLDC real estate director Lance Knuckles said the subsidies will secure the inclusion of 10 1-bedroom, 42 2-bedroom and 35 3-bedroom units affordable for those at 30% of median income within the unit mix of the five developments. SLDC will select other projects for the remaining $1.2 million in the future.

The $20 million for affordable housing has also been put toward a revolving loan fund that is also using New Market Tax Credits. That for a scattered site housing development.