Last update: 02/01/2008
| Release No:. 2002-16 Date: June 25, 2002 Contact: Brandon Laster, 816-759-6692 |
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| Groundbreaking marks beginning of the
final phase of northside St. Louis development A special groundbreaking ceremony at 1 p.m., June 28, 2002, will mark the beginning of the third and final phase of the 413-unit George L. Vaughn Residences at Murphy Park The ceremonies will also mark the dedication of a neighborhood park in honor of Janet B. Wood, a 29-year employee of the U.S. Department of Housing & Urban Development who helped with the first phase of the project.. The ceremony will be at the Janet B. Wood Park, located at 20th & Biddle Streets. St. Louis, Missouri-based McCormack Baron & Associates, Inc. is hosting the “picnic in the park” to recognize its community partners including the St. Louis Housing Authority, Missouri Housing Development Commission, U. S. Department of Housing and Urban Development, the City of St. Louis, and Fannie Mae. U.S. Senator Christopher Bond, State Treasurer and MHDC Vice Chair Nancy Farmer and St. Louis Mayor Francis Slay will highlight those attending and speaking at the event. In addition, MHDC Deputy Director/Chief Underwriter Pete Ramsel; Alderwoman April Ford Griffin; Clifton Berry, Director of the Fannie Mae St. Louis Regional Office, and Sal Martinez, Chairman of the Board of Commissioners of the St. Louis Housing Authority are scheduled to attend. The third phase of the development includes 126 units, with 81 designated for low-income tenants. The entire development consists of 413 market-rate and affordable housing units, located in the neighborhood that was once the site of the George L. Vaughn public housing. The affordable housing units are available for public housing eligible families as part of the replacement of the former public housing complex. Units range from two- to six-bedrooms and include handicap accessible garden apartments. Each apartment features full size appliances including washer and dryer, refrigerator, stove, and dishwasher. Financing for this development involved the participation of private and public resources. In Phase III Missouri Housing Development Commission provided $600,000 in annual federal and state low income housing tax credits. MHDC and Fannie Mae combined to provide a $3 million, 30-year blended-rate loan. The U. S. Department of Housing and Urban Development also provided financing through a grant to the St. Louis Housing Authority. The City of St. Louis contributed $2 million for land acquisition, building demolition and public improvements. COVAM Community Development Corporation is the local not-for-profit partner, participating in the financing as well as the public improvements. SunAmerica Affordable Housing Partners, Inc. is the equity investor. ### For further questions contact the following individuals:
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