the NHP Foundation Preserves
Affordable Housing in MISSOURI
ST. LUKE’S PLAZA, located in the Central West End neighborhood of St. Louis, is comprised of 216 units. St. Luke’s Plaze is one of NHPF’s most substantial rehabilitation properties. With thousands of people working at nearby hospitals and medical centers, as well as in a variety of corporate and nonprofit settings, there was a need for affordable housing in an area viewed as vibrant, historic and expensive. St. Luke’s Plaza, a multi-family property, was built in 1929 and was in need of substantial repairs and renovation.
Total cost
$ 24,010,000
Description
St. Luke’s Plaza property income mix includes 100 units at or
below 50% AMI, 105 units at or below 60% AMI, and 11 units at
or below 95% AMI.
Financing
Secured financing and funding for this project included:
- $ 4,000,000Tax-exempt Bonds
- $ 5,588,000Federal Low-Income Housing Tax Credits (LIHTC’s)
- $ 2,607,000Federal Historic Tax Credits
- $ 2,538,000State LIHTC’s
- $ 2,848,000State Historic Tax Credits
- $ 773,000Existing Property Reserves
- $ 841,000Deferred Developer Fee
- $ 4,815,000Deferred Sale Price
- $ 52,315Hard Cost Per Unit
NHPF’s diverse income and rent structure provides housing for a range of households from low- to moderate-income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.
St. Luke’s Plaza is just one example of how
NHPF’s commitment to affordable housing has
helped American families.
For more information on NHPF’s 23 properties in 11 states and the District of Columbia, please visit:
http://nhpfoundation.org/properties.php.
ABOUT THE NHP FOUNDATION
Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low- to moderate-income families. Since 1994, NHPF has acquired and preserved 51 properties, totaling approximately 10,000 units, located in 17 states and the District of Columbia. Today, NHPF’s portfolio includes 23 properties, totaling approximately 4,300 apartment units, in 11 states and the District of Columbia. NHPF also provides service programs to nearly 18,000 community residents.
