ACQUISITION / PRESERVATION / REDEVELOPMENT

St. Luke’s Plaza

St. Luke’s Plaza, located in the Central West End neighborhood of St. Louis, is comprised of 216 units. St. Luke’s Plaza 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. The rehab work of 2010 and 2011 included installing new individual HVAC systems; upgrading kitchens, where needed; as well as all-new bathrooms, carpet, and paint, throughout; new roofs and front entrances; major tuck pointing, repaired balconies, replaced waste lines, and a renovated/expanded management office.


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




FOLLOW OUR COMMUNITY BUILDING

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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.

This property is just one example of how NHPF’s commitment to affordable housing has helped American families.

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 78 properties, totaling 13,616 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 47 properties, totaling 8,063 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 20,000 community residents.