Better Family Life Renovations

beer city · PostNov 16, 2016#12016-11-16T05:10+00:00

Better Family Life, a north side based service organization, announced one of the more ambitious renovation programs I have ever seen - rehab of 100 buildings, 200 million in development (which means either a few large projects are mixed in or there is some other social benefit program included in that number)- details on financing not made real clear, but this is part of Promise Zone that has been talked about.

If carried out this could be a huge boost for the North side - along with NGA

Would like to know more if anyone out there has the scoop

http://www.kmov.com/story/33717302/bett ... ouis-homes

http://betterfamilylife.org/2016/03/03/ ... ment-plan/

joelo · PostNov 16, 2016#22016-11-16T14:38+00:00

That's a ton of money for 100 buildings so I'm curious where the $200 million number is coming from but that's great news. Any kind of development in north city should help that area and I personally think it'll actually reduce crime

arch city · PostNov 16, 2016#32016-11-16T17:34+00:00

Thanks for posting. This is great.

BFL is a great and deeply-entrenched organization in North City.

I am sure BFL will be partnering and consulting with development firms.

It's interesting, though, that this endeavor by BFL is only a blurb on one news site.

If there was a shooting, stabbing or some kind of violence - all of the media would be running with it.

With that said, maybe there will be some grand announcement coming soon.

This is an ambitious endeavor and I wish them nothing the best.

joelo · PostNov 16, 2016#42016-11-16T17:47+00:00

It's an insane amount of money if you consider some of the larger developments in the central corridor cost. Hope media will pick up on it. I haven't even seen it anywhere other then KMOV

STLrainbow · PostNov 16, 2016#52016-11-16T18:38+00:00

I highly doubt it's $200M... my bet is on a typo and it's $20M, which would break down to $200K each for each of these apparently vacant and likely sorely in need of extensive rehab homes.

dbInSouthCity · PostNov 17, 2016#62016-11-17T00:05+00:00

Even $20m for 100 seems steep since it's rehabs. New houses would be cheaper than $200,000.

STLrainbow · PostNov 17, 2016#72016-11-17T00:33+00:00

^ It does... $200K would seem high even including program costs, etc. but assuming these need all new systems, etc. and not something you can just slap some paint on and lay down some carpet it would be more than $20K each for a typo erasing two zeros. Anyway, I wish the story had more detail.

MattnSTL · PostNov 17, 2016#82016-11-17T18:04+00:00

dbInSouthCity wrote:Even $20m for 100 seems steep since it's rehabs. New houses would be cheaper than $200,000.

$200k per renovation is not even close to out of line. That's a great price. If I could get decent sized vacant brick buildings renovated for that price and be able to turn a profit I'd be doing it all day long. Unfortunately, once all development costs are included it's often much more than that.

$200k is great for new construction also. Economies of scale if you are doing 100 units, yes, but new construction isn't cheap either.

PostNov 17, 2016#92016-11-17T18:23+00:00

As suspected, it is $20 million- http://www.stltoday.com/business/column ... 95b54.html

Three houses under renovation right now, with gap financing from CDA. They'll have to find more sources of gap financing if they want to accelerate this plan since CDA only has a limited amount of CDBG and HOME funds to grant each year, and the funds are competetive and don't all go to one project. That said, this is a nice start, and I hope the full plan can be realized.

dbInSouthCity · PostNov 17, 2016#102016-11-17T18:31+00:00

So they'll sell these at $130,000 ...with 4% interest rate+home owners insurance + taxes thats about $825-850 a month for mortgage payment...add MSD $45, City water/trash $33= $900-920 total. what kind of income does one have to make to afford that (on top of other bills, utilites, loans ect)...$60,000?

MattnSTL · PostNov 17, 2016#112016-11-17T18:45+00:00

Depends on what percentage of income you want to spend on your house, and what a mortgage lender is willing to do.

Using the CDA Buyer affordability tab for their projects at $130,000 sales price, no downpayment so assume PMI, 5% interest on a 30 year mortgage, and tax-abatement, it's giving me a monthly payment of just over $900 needing $36,000 a year at 30% housing to income ratio. That does not include utilities.

I'm assuming CDBG funds is the gap financing. I'm too lazy to check the CDA site to see what they were awarded.

quincunx · PostNov 17, 2016#122016-11-17T19:23+00:00

Depends on how much money they throw away on transportation too.

I've known grad students who had bought houses over $100k and they made like $25k. Granted they may have rented a room or some such.

beer city · PostNov 30, 2016#132016-11-30T05:40+00:00

A little more on this - Nice project

http://www.kmov.com/story/33820549/imag ... ighborhood

framer · PostMay 02, 2018#142018-05-02T17:58+00:00

Construction companies are donating up to $1 million in materials and labor for clean-up and demo in North Side neighborhoods:

http://www.stltoday.com/business/local/ ... dec28.html

dredger · PostMay 03, 2018#152018-05-03T05:15+00:00

framer wrote: ↑
May 02, 2018
Construction companies are donating up to $1 million in materials and labor for clean-up and demo in North Side neighborhoods:

http://www.stltoday.com/business/local/ ... dec28.html

The article puts out some big numbers I believe. Understand that it would be multi phase, multi year but does anyone have an idea how much construction, rehab they intend to start with? able to commence with?

GoHarvOrGoHome · PostMay 04, 2018#162018-05-04T01:37+00:00

In all, Ahmed said Better Family Life hopes to redevelop approximately 100 homes near or along Page Boulevard — an effort he said would cost between $100 million and $200 million and take approximately five years.

Seems really expensive for ~100 homes

chaifetz10 · PostMay 04, 2018#172018-05-04T14:08+00:00

GoHarvOrGoHome wrote: ↑
May 04, 2018

In all, Ahmed said Better Family Life hopes to redevelop approximately 100 homes near or along Page Boulevard — an effort he said would cost between $100 million and $200 million and take approximately five years.
Seems really expensive for ~100 homes

Right?! Who would suggest that $1 million per home is economical or sensible?

framer · PostFeb 21, 2020#182020-02-21T17:25+00:00

"Push to rehab 100 homes in north St. Louis sputters, but the ambition remains "

https://www.stltoday.com/news/local/met ... 10598.html

dbInSouthCity · PostFeb 21, 2020#192020-02-21T17:51+00:00

that says $250-270,000 per house, which even that seems insane. you can build a 1000 SF house brand new for $140,000 or 140 new houses with the $20M if it even happens.

framer · PostFeb 21, 2020#202020-02-21T18:08+00:00

^Yeah, that caught my eye too.

imran · PostFeb 21, 2020#212020-02-21T20:04+00:00

Well, I did a building couple years ago a block north of there that was bombed out. Spent $200k for 4 x 2BR units . All new systems.

Did a second similar 4 unit building a year back that needed $250k but was missing the entire back wall that had to be rebuilt. Again 4 units with 2BR each.