Quite a bit of LIHTC funding/allocated in the STL region!



http://www.mhdc.com/about/commission_me ... _CMNAM.pdf

What are your guys' feelings on this? I admittedly don't know much about this process but it seems to me like a money grab for developers. Low quality projects that mass together poverty and don't do anything for desegregation. At least the bigger projects. Is it the HUD that is in charge of how these are built? Do they hold neighborhood meetings and take into consideration other factors besides dollars/number of units?

I don't see how improving the living conditions of low income people could be a bad thing.

The LIHTC industry is my livelihood and millions of families benefit from this program. I’ve seen the good and the bad for sure when inspecting these developments. It really boils down to who the developer is, what the tenant base is, and what their quality standards are - just like any type of multifamily development. This program is significantly important to the preservation of affordable housing in our communities.


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framer wrote: ↑

Dec 18, 2020

I don't see how improving the living conditions of low income people could be a bad thing.

I didn't say that was a bad thing. Haphazardly building things without vetting the projects with the same scrutiny as everything else is what I was asking about. Maybe there is a process. Do you have any helpful input?

flipz wrote:

dbehrens011 wrote: ↑

Dec 18, 2020

The LIHTC industry is my livelihood and millions of families benefit from this program. I’ve seen the good and the bad for sure when inspecting these developments. It really boils down to who the developer is, what the tenant base is, and what their quality standards are - just like any type of multifamily development. This program is significantly important to the preservation of affordable housing in our communities.


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Ok great maybe you can answer some questions. How is it decided where projects are built and what amount of units? Is that up to the digression of the developer? Are the projects fully funded by this program or just partially? A development being built in north st louis with nothing around it for blocks should not be seen the same as something built in the central corridor where you have many amenities. Are there any constrains on anything or people thinking anything is better than nothing.  

All states have a LIHTC or affordable housing agency that lays out all requirements through a Qualified Action Plan QAP. In Missouri’s case, it’s Missouri Housing Development Corporation (MHDC). In the QAP, there are requirements that projects must follow, with one being a required Market Study. The QAP will layout specific requirements they are seeking for that development round.

The market study is responsible for showing the demand and all requirements either laid out in the QAP and/or market study guidelines (such as certain locational amenities, demand capture rates/thresholds). Then, after the market study is submitted the project will be typically “scored” along with the other requirements of the QAP.


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MHDC is very strict throughout the design and construction phase of these projects. 

I'll look at their criteria when I get a chance. Hope they show how particular projects get scored. Some projects seem very cookie cutter suburban and a seem to be placed in already poor areas. 

^I feel like some of the most famous failures have come more at the management and maintenance stage than the design and development stage. There's a good argument that even spectacular failures like Pruit-Igoe could have, or even should have succeeded had funding been properly budgeted for upkeep. (A theatre where I was working screened a very nice documentary on the subject many many years ago.)

Here's a twitter thread on the approved LIHTC projects this past week for STL City.  7 projects in all with a total of 631 units (588 restricted; 43 market-rate) by my count.  About 200 units of new production but the majority will be updated existing affordable units. In addition, the majority serve seniors 62+ (343 units) or people with HIV (39 more units for the Doorways project); 249 units appear will be available as general family and with 29 of those at market rate.  The Marquette Homes project, which will acquire and rehab distressed buildings scattered around the Dutchtown area appears to be especially exciting for folks.  (4 additional projects were approved for STL County and 2 in the exurbs.) 

Couldn't think of a better thread so ran with this one.   Bizjournals reporting $50 million in affordable housing tax credits awarded to support $100 million in proejcts/600 units.   Behind paywall so not what specific projects are noted and hence the thread choice.   Moderator please move post if a more relevant project thread is applicable.

https://www.bizjournals.com/stlouis/new ... 0#cxrecs_s

The credits will help fund $100 million in affordable housing construction, renovation and preservation of nearly 600 units, officials announced Tuesday. Here's where those projects will go.

The Brewery Apartments, 1700 N 20th St., St. Louis Place neighborhood — 139 rehabilitated units


Baden School Apartments, 8724 Halls Ferry Rd., Baden neighborhood — 50 rehabilitated units


Hillvale Apartments, 5830 Selber Ct., Wells-Goodfellow neighborhood — 146 rehabilitated units


Marquette Homes, 3305 Meramec St. (and other addresses), Dutchtown neighborhood — 60 new and rehabilitated units


Metropolitan Village Apartments, 3114 Franklin, Jeff Vanderlou neighborhood — 147 rehabilitated units


Elliot Place, 1100 Elliott Ave., Jeff Vanderlou neighborhood — 39 new units


48 Fields Place at Natural Bridge, 4875 Natural Bridge, Penrose neighborhood — 50 new units

^ thanks

Short thread on this year's LIHTC applications from proposals in the city. Awardees will be announced sometime next month.