SLEFI Investment Committee Approves Three Investments in 2nd Quarter
We are excited to announce the recent Investment Committee approvals in three Low-Income Housing Tax Credit developments: Pine Lawn Manor 2017, St. Ferdinand II and Scott Manor.
Pine Lawn Manor 2017 will be the 18th partnership between Beyond Housing and SLEFI. It will consist of 41 new three-bedroom homes, all of which will be available for occupancy by households at 60% or less of the area median income. Located in the City of Pine Lawn in St. Louis County, this development will enhance previous SLEFI investments in the neighborhood.
St. Ferdinand II will be the sixth partnership between Northside Community Housing, Inc. (NCHI) and SLEFI. The development will include 43 units, 11 of which will be restricted to households at 50% or less of the area median income, 27 of which will be restricted to households at 60% of less of the median income and the remaining five units will be market rate. This development will also enhance previous SLEFI investments in the Greater Ville neighborhood.
Scott Manor is being developed by Kevin Buchek with Roanoake Construction and Bishop Calvin Scott with Believers Temple Word Fellowship church. This three-story building contains 42 affordable units, all of which will have two bedrooms and will be available to residents 55 years of age and older at 60% or less of the area median income. Scott Manor is the first phase of a master development plan to transform a 10-acre site in North County.
All three investments are expected to close in the fall of 2017. We are proud to be a part of the development teams for these three investments and congratulate each of these organizations!