Rise Receives Federal and State Tax Credits for Adams Grove Development
December 14, 2015–Rise Community Development received approval from the Missouri Housing Development Commission on December 4, 2015 for a reservation of tax credits for its Adams Grove affordable housing development. The development will consist of 50 townhomes and garden apartments, incorporating contemporary design, green building and universal design principles in the Forest Park Southeast neighborhood in the City of St. Louis. The project architect is Trivers Associates and the general contractor will be Altman Charter. The project is part of a larger, more collaborative effort with Forest West Properties, Inc. (FWP), a subsidiary of Washington University Medical Center Redevelopment Corporation (WUMCRC). Forest West Properties has solicited numerous developers to build up to 150 additional market rate homes in the part of the neighborhood that lies south of Manchester. Rise’s work in the Forest Park Southwest neighborhood, which began fifteen years ago, has been a major catalyst for the redevelopment of the neighborhood and the area now known as “The Grove.”
About Rise (www.risestl.org) Rise is a nonprofit organization that partners with communities to build stronger, more equitable St. Louis area neighborhoods. Rise develops both affordable and market-rate housing, particularly in neighborhoods with the potential to enhance economic diversity. Rise has developed or assisted in $700 million in neighborhood redevelopment in the St. Louis area.
About WUMCRC (www.wumcrc.com) Washington University Medical Center Redevelopment Corporation (WUMCRC), is a partnership between BJC Health Care and Washington University School of Medicine and works to improve the quality of life for the neighborhoods surrounding the medical campus. In order to achieve this goal in Forest Park Southeast and the Central West End , WUMCRC has invested millions of dollars toward regenerating the market for private investment in businesses and real estate, enhancing human and social service opportunities, and improving the level of physical and personal security.
