NHPF remains very concerned regarding the overall health and well-being of our 25,000 residents during the Covid-19 crisis. We have been actively working with our third-party management companies in taking steps such as increased cleaning of common areas, limiting resident contact except for emergency situations and, through our resident services program subsidiary Operation Pathways, providing resources for financial assistance, food, medicine, transportation, and needed supplies. In addition, we have placed a moratorium on all evictions for non-payment of rent for the duration of this crisis and are actively engaging our residents who have been financially impacted to discuss payment plans. We fully appreciate the social and emotional tolls the length of this crisis have taken on our residents and we will follow all local and state government directives regarding the reopening of our sites and community centers. The safety and well-being of our residents remains our highest priority.

St. Luke’s Plaza

Affordable Housing in St. Louis, Missouri

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