Rehab of 16 buildings -Scatterd Sites around the area of Chippewa and side streets - Most or all vacant into apartments - Using low income and historic tax credits
^No. They're hoping to close on construction financing by the end of the year. LIHTC pricing took a nosedive after Trump won and they had to figure out how to fill a big unexpected gap. Phase II is likely dead because of the shenanigans at the State with future LIHTC awards, but Phase I should still happen.
Excited for this -- Chippewa is such a huge, awesome commercial corridor with so much potential. This is a small step, but hopefully it gains some momentum for that stretch east of Grand.
Apartments will be rent restricted and occupied by households with incomes at or below 60 percent of the average median income for the area. Final rental rates are yet to be determined.
This seems to cater to minimum wage to < $11.00/hour, which is great. If my math is right:
^The limits are actually based on the St. Louis, MO-IL HUD Metro Fair Market Rent Area, not the City itself. The 2018 median family income estimate is $76,800 for STL. When income limits are determined it is further broken down by family size, so a family of 4 can have a higher household income than a family of 1 or 2.
New income limits just came out and my sheet doesn't have 60% on it yet, but for 2017 a household of 1 person can have a gross income up to $31,320, and a family of four people can have a gross income up to $44,700. The income limit goes up by about $3500-4500 per person added to the household number.
This was mentioned on another thread, but the Southside Spaces building at the corner of California/Chippewa is looking good... and now leasing. Here is a link to one of the income-restricted units: https://www.zillow.com/homedetails/3750 ... 9911_zpid/
Iirc a market-rate unit on the first floor w/ around 700 sq. ft. was around $950/mo. or so but I can't find the listing now.
EDIT: just adding that Southside Spaces is a private, for profit venture separate from the Chippewa Park project but is in the thick of the area action.
Chippewa Park by Paul Sableman, on Flickr
