The St. Louis Equity Fund, backed mostly by large corporations and banks, will invest $6.75 million this year to help build five affordable housing projects.
The new and rehabilitated apartments and houses will be ready for 102 families by sometime this winter or next spring.
The five projects are:
– North Newstead Apartments, 26 one- to four-bedroom apartments in 10 rehabilitated buildings just west of Fairgrounds Park in north St. Louis. The North Newstead Association, a not-for-profit group, is the developer.
– Belle Glade Properties, six new three-bedroom houses on Belle Glade Avenue in north St. Louis. Robert Wood is the developer.
– Shaw Avenue Apartments, 12 two-bedroom apartments in three rehabilitated buildings on Shaw Avenue, just west of Grand Boulevard in south St. Louis. Pyramid Construction Co. is the developer.
– Village of Grand Oak II, 10 new, two-bedroom townhouses in north St. Louis. Pyramid Construction is the developer.
– Oak Knoll Apartments, 12 new four-family buildings in Festus, Mo. Forrest D. Nye, Patrick W. Werner and Donald R. Becker are the developers.
Since the Equity Fund was founded 10 years ago, 31 corporations and banks have invested more than $38 million in housing for low- and moderate-income families in the St. Louis area. The banks and corporations get federal and state tax credits, and their money is used as equity in the selected projects.
The projects so far have provided homes for more than 1,200 families, fund officials said.
