MEDIA RELEASE
Contact: Brandon Laster, Public Information Officer
(816) 759-6692

Release No. 98-07-10
July 8, 1998

MHDC APPROVES TAX CREDITS FOR SOULARD NEIGHBORHOOD PROJECT

[Kansas City, Missouri] The Missouri Housing Development Commission (MHDC) approved tax credits for a rehabilitation project in the historic Soulard Neighborhood of St. Louis City Tuesday. The Commission approved a $14,789 federal tax credit and a $7,345 state tax credit. The tax credits will be syndicated to raise approximately $116,500 in equity for the project. The developer expects to raise $478,000 from the sale of federal and state historic tax credits.

The project includes the rehabilitation of 32 residential units in six buildings of the Barton Apartments located in Soulard. The development is a joint effort of the Regional Housing and Community Development Alliance; NationsBank Community Development Corporation; and Peter and Paul Housing Corporation, a neighborhood not-for-profit-group. The development will be financed with $1,210,000 in proceeds from tax exempt bonds issued by the Industrial Development Authority of St. Louis City through the Missouri Department of Economic Development.

Once completed, eight of the units will be designated for low-income tenants while 24 units will be market rate units.

The development is eligible for low-income housing tax credits because more than 50 percent of the aggregate base of the development will be financed with tax-exempt bonds.

MHDC has approval authority for all low-income housing tax credits in the state of Missouri.

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