urbanSTL

I called the 1-888 number I found for this complex the other day. I'm looking to move downtown in May. The number took me to the Lucas Loft leasing office. The leasing agent said they had several delays, pushing their November opening back a few months. So I would say by mid-spring they will be open. The only bad thing is the maximum income to live there is $27,500. Even as a teacher I'll be making more than that! The search continues.

How do the tax incentives for the builder differ between having all low-income and only say 10% low-income units?

The Central Scrutinizer wrote:

StLmusic wrote:The only bad thing is the maximum income to live there is $27,500. Even as a teacher I'll be making more than that! The search continues.

I hope this doesn't turn into a trash dump.

That is interesting... because I heard only some of the apartments will be for low income.



$27,500 is for single people only with children or without.



Even a couple on minimum wage will make over that limit.

It seems like it'd be in the developer's best interest to have just a fraction of the units reserved for "affordable housing", as is the case with other successful downtown developments like Merchandise Mart. I guess we'll find out more details soon...

^ It's likely they're mandated to offer those incentives based upon special incentives they received. There can be controls in place for x number of years. Same with Merchandise Mart I believe.

^ That makes sense to me. I'm curious to see what the mix will be, but I don't think there's any reason to worry about the development.

Assuming that diversity is one of the appeals of living downtown, projects like the Days Inn are important to ensure that economic diversity continues. A lot of cheap rents have disappeared over the past decade.



Art Loft and University Lofts are examples of Washington Ave. loft projects that are predominantly income restricted buildings.



FYI, the localized federal max rent for an income restricted efficiency apt is about $700; $750 or so for a 1 BR. Finding tenants who make less than the income ceiling, but can still pay the max rent is a manager's challenge. Think students, some artists . . .

^...and tax-cheaters.

wow, it went from looking like a cheap hotel that I wouldn't want to stay in, to a classy building that I would be more than happy living in, the transformation is just unbelievable, in my opinion this restoration is much more impressive that the restorations of the historic buildings

I forgot to mention that these apartments WILL be 100% income restricted. I have talked to a few places and this is the only place that is 100%. Good luck to them!

It seems unusual that a developer would choose to make a place 100% income restricted. I'm all for more economic diversity downtown, and I applaud developments like this that are steps toward that goal. I'm just a bit surprised, and it will be interesting to see what the income limits are.

it will be interesting to see what the income limits are

Here, you can figure it out yourself using this link: http://www.danter.com/taxcredit/getrents.HTML



Or, you can ask anybody in any other local building with restricted income units -- which is pretty much every large building with rental apartments. The limits will be the same.

I can see how it can be natural to have concern, yet I do see the value of diversity in neighborhoods and agree with publiceye's analysis.



This specific link contains the maximum incomes and rents at various percentage points although I'm not sure which level applies here.: http://www.danter.com/taxcredit/getrent ... y=st+louis



This link contains the "Fair Market Rents" for our location although I'm not sure how it is defined.: http://www.danter.com/fmr_results.asp?s ... &B1=Submit

I've seen workers and management-types in the building this week. I also saw some office furniture. My guess is that move-ins will start in a few months.

Is there another thread for this building? I thought there was.



Well I was wondering if anyone knew what the status was. Has anyone moved in yet?



I know some of the apartments were going to be section 8 for homeless veterans.



http://www.communityinvestmentnetwork.o ... 0d3e7822cb



I wonder what the status is on that one...

Also I have been meaning to post, what is the buildout in the space on tucker going to be in this building. Studs are up and drywall has been delivered. Any word on if the diner is actually happening?

It's too bad there is SECTION 8 in this building. what kind of regular, young people will move into a building like this? Not really the kind of people that are needed to support new retail on Washington and elsewhere downtown. this is depressing. I don't care how "un PC" I sound either.

JCity wrote:It's too bad there is SECTION 8 in this building. what kind of regular, young people will move into a building like this? Not really the kind of people that are needed to support new retail on Washington and elsewhere downtown. this is depressing. I don't care how "un PC" I sound either.

Perhaps some of the employees that work in the new retail and restaurants on Washington and elsewhere downtown. They also need places to live and are an important part of the picture in keeping things running. Considering there is non-Section 8 rental available and more coming online with some building switching their unsold units into rentals, I don't think this place will keep the kind of people needed to support new retail from finding a place to live in the area. I think its a good addition to the housing mix in the area.

JCity wrote:It's too bad there is SECTION 8 in this building. what kind of regular, young people will move into a building like this? Not really the kind of people that are needed to support new retail on Washington and elsewhere downtown. this is depressing. I don't care how "un PC" I sound either.

I completely understand where your coming from and I don't think its about Political Correctness either. Its about protecting your property values, but honestly I have no problem with section 8 for veterans, disabled people, or seniors. I think we could all agree that we don't want to see a whole bunch of gang bangers and joe-six packs chilling on the corners of Washington, but Meteo does make a good point about people that need to work the retail. Its good to have some economic diversity, but we have to keep in mind that the revitalization of downtown was to attract young professionals not create a hi-rise ghetto. I respect your honesty!

I prefer the economic diversity myself. Maybe I'm different, but for me, it's not about protecting my property value. It's more about living in an interesting neighborhood (Of course everyone has a different idea of an interesting neighborhood). That's why I chose to buy a loft in the city. I've made friends with residents at Plaza Square from Brazil, Ethiopia, Colombia, Uganda, Tanzania and India. They all support the restaurants and bars along Washington. It's sad that you find it depressing. Your probably not the "kind of person" I would hang out with though anyway. By the way, I prefer you speak your mind rather than worrying about being PC. American has become overly PC.

markinlondon wrote:I prefer the economic diversity myself. Maybe I'm different, but for me, it's not about protecting my property value. It's more about living in an interesting neighborhood (Of course everyone has a different idea of an interesting neighborhood).

Yeah, I've lived near a few Section 8 properties. In each case, they certainly made the neighborhood more "interesting".