DeSales MHA 2000
In 2001, DeSales completed its third Low Income Housing Tax Credit Project, MHA 2000. This project rehabilitated 11 vacant buildings in Fox Park and Tower Grove East to produce 31 affordable apartments.
The project received a critical boost with the award of Federal and State Low Income Housing Tax Credits (LIHTC) by the Missouri Housing Development Commission. The credits enabled the housing corporation to raise the capital needed for the project.
Total cost of the project is $4 million. The St. Louis Equity Fund is DeSales’ investor partner and Bank of America was the initial lender. In cooperation with the Regional Housing and Community Development Alliance, the Equity Fund also made a predevelopment loan to the project.
As the general managing partner of the limited partnership, DeSales was responsible for all aspects of the project, from property acquisition to marketing. DeSales also handles ongoing property management through its affiliated company, Fox Grove Management.