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:
| $4,000,000 | Tax-exempt Bonds |
|---|---|
| $5,588,000 | Federal Low-Income Housing Tax Credits (LIHTC’s) |
| $2,607,000 | Federal Historic Tax Credits |
| $2,538,000 | State LIHTC’s |
| $2,848,000 | State Historic Tax Credits |
| $773,000 | Existing Property Reserves |
| $841,000 | Deferred Developer Fee |
| $4,815,000 | Deferred Sale Price |