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Date: June 10,
2004
Contact: Brandon Laster, 816-759-6692 |
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Redevelopment enhances affordable
housing in St. Louis neighborhood
Local dignitaries and financial partners joined the Housing Authority of
St. Louis County and The Lipton Group for the grand opening ceremony for
Bentwood Townhomes at 5500 Lucas and Hund Road.
“We are very pleased and proud to be part of this development
partnership,” said Jane Klieve, Missouri Housing Commissioner.
“Expanding housing opportunities and the availability of affordable
homes for Missouri citizens strengthens our families financially,
increases individual dignity, and improves our quality of life. I can
think of no better example than what has been done on this site.”
The celebration marked the redevelopment on the site of the former
Colony North/Northland Village Apartments. Phase I of a multiphase plan
for the site provides 82 apartments with large-family units. The complex
includes 30 two-bedroom apartments (renting at $570), 38 three-bedroom
apartments ($660) and 14 four-bedroom apartments ($735).
Financing includes a $1.7 million MHDC loan, a $2.4 million Fannie Mae
loan, $600,000 in federal and state Rental Housing Tax Credits and
tax-exempt bond financing. The project secures the project-based Section
8 funding for the property. Phase II for the apartment complex is
already under construction and includes 64 additional two-, three- and
four-bedroom units.
The redevelopment on the site included the demolition of the old Colony
North Apartments. Colony North, called Northland Village Apartments when
first built, was a bungalow style complex of 360 units built in 1963. A
rehabilitation project in 1987-1988 was not able to reverse the effects
of decay and the problems at the site. For many years, this housing was
the last remaining housing for St. Louis County’s low-income population.
The average tenant income was about $5,000.
The second phase of the redevelopment has already begun and will include
64 additional townhomes, including 24 two-bedroom, 30 three-bedroom and
10 four-bedroom units. MHDC is partnering with Fannie Mae to help fund
this phase.
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