2003 Significant Accomplishments
Compton Hill 2002: Completed rehabilitation of this 16-unit affordable housing development. This project rehabilitated 6 previously vacant buildings, generating $2.6 million dollars of investment in Tower Grove East and Fox Park. Compton Hill 2002 made use of both Low Income Housing Tax Credits and Historic Rehabilitation Tax Credits.
Russell Place: Completed predevelopment work on this 6-unit new home development on the 2800 block of Russell and closed on construction financing with Allegiant Bank. Construction of a display unit will begin in March 2004. The new houses and townhouses will be offered for sale at a projected average base sale price of $269,900. Additionally, entered into an option contract with Tim Vogt of Millennium Restoration and Development to sell a large home at 2815 Russell. Tim will rehabilitate this home using Missouri historic tax credits.
2708 Arkansas: Purchased this two-family foreclosure from Fannie Mae and resold it to Paul Brenden and David Dwars, who have substantially rehabilitated both units. Paul will live in one.
Hired Controller: Hired Angela Millikan for the newly created position of Controller. Angie is responsible for day-to-day financial management of DeSales and its affiliated entities.
DeSales Rental Assistance Program: Received a $31,000 grant from the St. Louis Affordable Housing Trust Fund for the DeSales Rental Assistance Program. This program provides monthly rental assistance to tenants of multi-family housing owned by DeSales. The program assists up to 4 households annually whose income is below 25% of Area Median Income.
2741 Accomac: Sold this vacant two-family building to Richard and Robert Trepanier, d/b/a 920 Development. They have commenced a complete rehabilitation of the property and conversion to a single-family for resale. Completion is scheduled for May 2004.
Compton Hill/MAP Merger: Merged and relocated the Compton Hill Apartments and Management Assistance Program offices. The new office, located on the Southeast corner of Russell and California, provides good visibility and good communication between DeSales and management staffs. Launched www.comptonhill.com website.
2757-59 Armand: Sold this vacant four-family at Armand and California to Kraig Schnitzmeier d/b/a Historic Homes. Kraig is converting the building to two fee simple townhouses for resale. This property had been part of a 2003 LIHTC application by DeSales.
Property Acquisition: Acquired 8 properties in Fox Park and Tower Grove East for future development by DeSales or others.