Rise developed Park East Homes, 11 market-rate for-sale homes, using conventional construction financing, a tax credit equity bridge loan and State historic preservation and Neighborhood Preservation tax credit equity. All homes sold at or above listed sale prices.
Rise also developed the $14 million C.O.N.E.C.T. St. Louis Project, which included the total historic rehabilitation of North Market Place Apartments—32 historic rehab affordable rental units in Old North St. Louis, and Park East III Apartments—27 historic rehab affordable rental units in the Forest Park Southeast Neighborhood of St. Louis. The financing for this development included tax-exempt bond financing, low-income housing tax credit equity, historic preservation tax credit equity, State and City HOME funds and City Affordable Housing Commission Trust Fund money.
Rise developed twenty new market-rate single-family homes in the old North St. Louis Neighborhood. Among the financing sources were Missouri Neighborhood Preservation Tax Credits, CDBG funds, a grant from the Greater St. Louis Regional Empowerment Zone and a Danforth Foundation Grant.
Rise has developed a total of 93 new low-income housing tax credit single-family lease/purchase homes in the City of Wellston, Missouri. These homes were built on concentrated, but scattered, sites in one of the most distressed communities in St. Louis County. The 40-unit first phase also used St. Louis County HOME funds (completed in 2000). In the second phase, Rise developed 26 more new single-family homes that also used State HOME funds (completed in 2002). The third phase added another 12 new single-family homes (completed in 2005) and the fourth phase added the final 15 new single-family homes that also used County HOME funds (completed in 2009).