Affordable Housing Commission Awards $4 million in Grants & Loans
Affordable Housing Commission awards $4 million in grants & loans
The Affordable Housing Commission of the City of St. Louis recently awarded grants and loans totaling $4 million to non-profit organizations and local developers of affordable housing. Funding for the awards is generated by the City's Use Tax. By ordinance, all Trust Fund grants and loans are designated to assist people and families whose incomes are at or below 80% of the area's median income. In addition, at least 40% of the funds awarded must assist individuals or families with incomes at or below 20% of the area's median income.
Of the $4, 000,000 awarded, the Commission conditionally approved $762,500 to provide partial funding for five development projects, including Habitat for Humanity's latest single-family home development in the 11th Ward and Phase II of the North Sarah development in the 18th Ward. In total, Affordable Housing Trust Funds will help to create 161 new rental and for-sale homes for low and moderate income families in 2012. Of this total, 20 homes will be directly subsidized by Affordable Housing Trust Funds.
The Commission also continued funding an initiative to help low and moderate income City homeowners in danger of losing their homes to foreclosure. Five agencies: Better Family Life, The Urban League, Beyond Housing, Catholic Charities and MORE (Missourians Organizing for Reform and Empowerment), organized as the "St. Louis Alliance for Homeownership Preservation". The partnering agencies collaborate to provide counseling, public awareness and mortgage assistance for homeowners facing foreclosure. In addition, more than 40 other grants to nonprofit agencies, many of them homeless services providers, were approved.
For a list of award recipients click here: Fall 2011 Awards