East St. Louis Mixed-Use Facility, East St. Louis, IL
Investment Amount: $14,000,000
Closing Date: December 2010
Development of a 4-story mixed-use facility in East St. Louis, IL to include 74 apartments for senior citizens, office space, and community facilities including a health center. The project marks a groundbreaking transaction involving the use of HUD public housing funds as leveraged debt to generate New Markets Tax Credits (NMTC) equity. This achievement will set a precedent for housing authorities around the country who use HUD funds every day, enabling them to raise equity to bring much needed additional services to their low-income communities. This transaction, literally the first of its kind, disproved the theory that HUD’s requirements were not “compatible” with NMTC requirements.
