Habitat for Humanity | St. Louis and Los Angeles*

St. Louis, MO

Affordable for-sale housing fosters diversity and a strong economic base to support local businesses and retailers. Our investment in two Habitat for Humanity affiliates demonstrates a model for bringing homeownership and wealth-generating opportunities into the communities undergoing other revitalization efforts.

The Habitat affiliates used the NMTC investment to help 33 low-income homebuyers to finance their new homes through purchase money mortgages. Through the investment, MBS Urban Initiatives was able to target the location of the new homes in neighborhoods that had been previously revitalized through McCormack Baron Salazar’s efforts. All of the new homes are certified LEED, with most achieving LEED-Silver or LEED-platinum, and all of the sustainable and affordable homes have elevated the surrounding neighborhood.

By equipping families with the tools to achieve economic self-sufficiency and home ownership, the NMTC investment ensures that families now can build capacity, maintain financial independence, and accumulate long-term assets. This brings an opportunity to create wealth back into revitalizing communities. The families who purchased the NMTC-financed homes did not need to qualify for bank financing in this difficult financial environment. However, ten years of homeownership at a 0% interest rate may yield each family $50,000 or more in home equity through the program, thereby providing meaningful financial security as well as a stable home environment.

This institution is an equal opportunity provider.

Quick Facts 

Project Goal: Stabilize revitalizing neighborhoods with longer-tenure housing options and support wealth accumulation among low-income persons through responsible homeownership opportunities.

Total Development Costs: $6,868,214

Square Footage: 33 For-Sale Homes

Developer: Habitat for Humanity

Tax Credit Investor: US Bancorp Community Development Corporation

NMTC Qualified Low Income Community Investment: $6,868,214

Other Key Project Financing: US Bank, Habitat for Humanity St. Louis, Habitat for Humanity Greater Los Angeles

Construction Jobs: 187

Permanent Jobs: 10 new jobs; 86 jobs retained

Investment Date: December, 2008

Opening Date: December, 2009