DeSales MHA I and II
In the early nineties, the number of vacant properties and non-owner occupied units in the DeSales service area were on the rise. On some blocks, up to 70% of the units were non-owner occupied, and many were poorly managed and maintained.
In Fox Park and Tower Grove East, there was an increasing feeling that the momentum of progress experienced in prior years had been lost and could not be regained. In an effort to counteract this perception and restart investment on a significant scale, DeSales resolved, for the first time in its history, to become a producer of housing.
In 1993, Using the Low Income Housing Tax Credit (LIHTC), DeSales developed its first housing, 22 units on Iowa Avenue and California Avenue in Fox Park. In January of 1996, DeSales completed its second LIHTC project, 12 units on California Avenue. These projects generated an investment of $3.2 million and rehabilitated 34 units in 13 previously vacant buildings.
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.