State Treasurer opens Townhomes at Stonecrest

State Treasurer and MHDC Vice Chair Nancy Farmer joined MHDC Executive Director Erica Dobreff and Kirkwood Mayor Mike Swoboda for the grand opening of Townhomes at Stonecrest Aug. 21.

“Housing is a vital component of our overall revitalization efforts,” said Treasurer Farmer. “The completion of the Townhomes at Stonecrest is another step in our efforts to combine housing and community and commercial development to reach our goal of attracting more families from a variety of income ranges to Meacham Park.”

The 85-unit mixed income rental housing development at 434 Aldridge was developed by HASLC and were financed through a combination of state and federal Low Income Housing Tax Credits, $1 million in federal HOME funds provide by St. Louis County, and $2.98 million loan originated by MHDC.

The Townhomes at Stonecrest contain 44 two-bedroom, one-bath units; 31 three-bedroom, one and one-half bath units; and 10 four-bedroom, two and one-half bath units.
Five of the units are reserved for residents with disabilities.

The Townhomes at Stonecrest are part of the Housing Tax Credit program, designed to provide affordable housing for residents. Of the 85 units 70 units are reserved for families earning 60 percent of less of the area median income of $61,400. Rents begin at $484 for two-bedroom units; $553 for three-bedroom units; and $610 for four-bedroom units.

“Low-income families face economic and social obstacles to finding decent, affordable housing,” said Erica Dobreff, executive director of the MHDC. “We’re extremely pleased to support the overall development of our community by providing good, quality housing opportunities for local families, many of whom have strong ties to this neighborhood, and who are now benefiting from its revitalization.”

For more information about Townhomes at Stonecrest, contact the rental office at (314) 822-1399.