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Date: June 2,
2004
Contact: Brandon Laster, 816-759-6692 |
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St. Louis area nonprofits celebrate the opening of
neighborhood homes
I-70 Northwest Development Corporation, North Newstead Association and
St. Louis Equity Fund celebrated the opening of 18 new rental homes and
apartments for families during a ribbon cutting ceremony May 26. The
celebration marked the continuing neighborhood redevelopment in the area
with the construction of three- and four-bedroom homes as in-fill
housing.
Built by R.G. Construction Company, the most recent housing units
completed include one three-bedroom handicapped accessible home, four
four-bedroom town homes, eight three-bedroom town homes, and five
single-family houses. Rents range from $450-$575 for the three-bedoom
units and $575 for the four-bedroom town homes.
Financing includes $335,000 in Rental Housing Tax Credits through MHDC
with the St. Louis Equity Fund also involved in financing the
redevelopment. St. Louis Equity Fund is a long-time investor in
affordable housing production and rehabilitation in the state of
Missouri.
MHDC administers the Rental Housing Tax Credit to state for the state of
Missouri, assuring assure that good quality housing is made available
where it is most needed. MHDC is charged not only with the allocation of
credit, but also with assuring compliance with the regulations. This
includes the performance of a physical inspection of the property and a
review of management and occupancy procedures during the initial 15-year
compliance period and the extended use period (an additional 15 years).
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