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FOR IMMEDIATE RELEASE
Larry Perlmutter, Rise Communications and Development Manager
MHDC Awards Rise and Partners for Affordable Housing Projects
Rise and its partners are awarded $49MM to develop 149 Affordable Homes and apartments in St. Louis
St. Louis – December 23, 2021-On December 16, 2021, the Missouri Housing Development Commission (MHDC) conducted its regular meeting to consider staff 2021 Affordable Housing Development funding recommendations. The commission approved staff recommendations and Rise Community Development (Rise) along with several partners were awarded over $49MM for 4 development projects.
The approved projects include Baden School Apartments, a 50-unit mixed-income development, Marquette Homes a 60-unit historic rehab/infill new construction that includes housing for veterans, Elliot Place, a 39-unit affordable housing project providing housing for families with special needs, and the mixed-income, mixed-use 48 Fields Place providing homes for seniors aged 62 and up
The partners involved include Lutheran Development Group for Baden School Apartments and Marquette Homes, DOORWAYS on Elliot Place, and Efficacy Consulting and Development and North Newstead Association on 48 Fields Place. Rise will serve as the development consultant on all of the projects, with the exception of Marquette Homes where Rise will serve as the developer and managing general partner.
“What if you found out you were going to be able to restore an amazing, historic school in Baden and provide 50 affordable homes. And, what if you just found out you would be able to help 39 families living with HIV/AIDS move into permanent, supportive housing?” exclaimed Mark Stroker, Director of Real Estate Development at Rise. “And….what if you found out you’d be developing 50 units of affordable senior housing and a really cool grocery store in a food desert. And, then realized you’d secured funding to restore historic buildings and build new homes helping stabilize Gravois Park and Dutchtown, a couple of the coolest neighborhoods in the city. And, what if it all happened in one day. With the help of so many….it happened today. What a day.”
“Rise is privileged to be able to partner with diverse groups like DOORWAYS, Lutheran Development Group, Efficacy Consulting, and the North Newstead Association to improve the living conditions of so many people within the St. Louis metropolitan region,” said Terrell Carter, President and Executive Director of Rise. “The areas where these projects will occur all hold a certain level of personal significance to me as well. I either grew up going to various churches in these neighborhoods or I patrolled them as a police officer for the City of St. Louis in the late 90s and early 2000s. I’m honored that Rise has the opportunity to help others make a positive impact in these communities.”
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 acts as a resource and partner to the greater St. Louis community, providing expertise that helps the region grow in an equitable way. Bringing together neighbors, non-profit organizations, financial institutions, and government, Rise is working every day to make successful neighborhood revitalization possible.
About Lutheran Development Group (www.ldgstl.org) Lutheran Development Group strengthens communities near our city’s churches through real estate development, community initiatives, ministry investment, and church engagement.
About DOORWAYS (www.doorwayshousing.org) DOORWAYS is an interfaith non-profit organization that provides housing and related supportive services to improve quality of life and health outcomes for people affected by HIV/AIDS.
About Efficacy Consulting and Development (www.efficacycd.com) Founded in 2007 Efficacy Consulting & Development is a M/WBE firm focused on providing affordable, quality housing for inner-city St. Louisans.
About North Newstead Association (www.northnewstead.org) The North Newstead Association (NNA) is a Missouri not-for-profit corporation designated by the City of St. Louis as a Community Based Development Organization, or “CBDO” for purposes of the Community Development Block Grant Program and it is designated by the City of St. Louis as a Community Housing Development Organization, or “CHDO” for purposes of Home Investment Partnerships Program.
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Rise builds market rate and affordable housing, enhancing the quality of life in the communities we serve. This work helps make St. Louis a great place to live, work, and play. We believe social, cultural, lifestyle, and economic diversity makes area neighborhoods stronger.
Rise acts as a resource and partner to the community. We bring together nonprofit organizations, financial institutions, and government to make successful neighborhood revitalization possible.
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