For most, August represents the start of school and the (hopefully) last few days of unbearably hot weather. However, for DeSales, August is synonymous with the application process for Low-Income Housing Tax Credits (LIHTC).
LIHTC is a federal program designed to incentivize the development and preservation of affordable rental housing for individuals and families with low to moderate incomes. Since its inception, it has become one of the primary tools for encouraging the creation of affordable housing, a tool that DeSales has utilized for 30 years. Thanks to LIHTC, DeSales owns 186 units of affordable housing that are rented out to low and moderate-income households.
This year, we will be submitting FOUR separate LIHTC applications. The first one is for Benton Park Place, a new-construction development proposed in the Benton Park West neighborhood. This development will create 49 new mixed-income apartments for seniors aged 62 and up at the long-vacant southwest corner of Jefferson and Arsenal. An important component of this project is the establishment of a rental assistance fund for residents of Permanent Supportive Housing within the Benton Park Place Apartments. This project has received $150,000 in ARPA funding and $850,000 in HOME funds through the St. Louis Community Development Administration, which along with a LIHTC award, will help fund Benton Park Place Apartments.
