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2013 Missouri Housing Summit. Spotlight on Veterans and Special Needs Housing. Missouri LIHTC Program. 2011 Special Needs Housing Priority. St. Louis Veterans Housing. Developer: The Salvation Army, an Illinois Corp. General Partner: The Salvation Army Services Inc.

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2013 missouri housing summit

2013 Missouri Housing Summit

Spotlight on Veterans and Special Needs Housing

missouri lihtc program
Missouri LIHTC Program
  • 2011 Special Needs Housing Priority
st louis veterans housing
St. Louis Veterans Housing
  • Developer: The Salvation Army, an Illinois Corp.
  • General Partner: The Salvation Army Services Inc.
  • Development Consultant: Hill, Devine & Gong (CA)
  • Architect: Trivers Associates (STL)
  • Attorney: PolsinelliShughart (STL)
  • Accountant: Sabino & Associates (STL)
  • Contractor: Paric (STL)
  • Manager: McCormack Baron Ragan
  • Equity Investor (Federal) : St. Louis Equity Fund and First National Bank of St. Louis
  • Equity Investor (State): Sugar Creek Investment and First National Bank of St. Louis
st louis site information
St. Louis Site Information
  • Vacant city block
  • Owned by TSA, IL Corp
  • No unusual site conditions
  • No environmental issues
  • Zoned multi-/single family residential
  • Neighboring commercial properties
    • NIMBY/NIMPF – “Not in my pedestrian flow”
    • Veterans, but not low-income
    • “People sleeping on the floor”
    • “Persons with mental illness”
st louis veterans project development plan
St. Louis Veterans ProjectDevelopment Plan
  • New Construction began November 2011
  • 2 buildings –
    • legally and physically
    • transitional and permanent housing
  • 49 units
    • 5 studio floor plans (2 ADA) – 411-437 sq. ft. - $410 rent range
    • 43 1 BR floor plans (3 ADA) – 430-450 sq. ft. - $450-560 range
    • 1 2BR resident manager unit (ADA) - 656 sq. ft.
  • 21,387 sq. ft. residential living area
  • 38,062 sq. ft. total area
    • Social services and staff offices, multiple size meeting rooms, computer and study room, lounges, etc.
  • Completed October 2012
apartment spaces
Apartment Spaces

Transitional Housing One Bedroom Furnished Unit

development sources uses
Development Sources & Uses
  • Development Revenue Sources
    • MHDC Permanent (HOME) $600,000
    • Total LIHTC Equity $7,475,356
      • $815,000 Federal LIHTC Credit
      • $250,000 State LIHTC Credit
    • Federal Home Loan Bank AHP $480,000
    • The Salvation Army $404,181
    • General Partner Equity $1,000
    • Total Revenue $8,960,537
development sources uses1
Development Sources & Uses
  • Construction Period Funding
    • The Salvation Army Construction Loan $6,637,103
    • MHDC Construction Loan $600,000
    • Tax Credit Equity Paid During Construction $747,534
    • Dev Fee Paid After Construction Completion $685,000
    • Operating Reserve (escrow) $200,000
    • Replacement Reserve (escrow) $29,400
    • Lease-up Reserve $61,500
    • Total Costs $8,960,537
development sources uses2
Development Sources & Uses
  • Total Construction Costs $6,246,090
  • Architect and Engineering $435,000
  • Construction Interest $199,347
  • Contingency $346,000
  • Furniture and Fixtures $150,000
  • Acquisition Costs $86,750
  • Developer Fee $685,000
  • Consultant Fee $210,000
  • Operating Reserve $200,000
  • Replacement Reserve $29,400
  • Social Service/Emergency Reserve $87,000
  • Other Development Costs $285,950
  • Total Development Costs $8,960,537
st louis veterans residence
St. Louis Veterans Residence

Larger Meeting Room

Computer Room

units type and funding breakdown
Units Type and Funding Breakdown
  • 24 transitional housing
    • Dept. of Veterans Affairs Grant & Per Diem (GPD)
  • 24 permanent housing
    • 18 Veterans Affairs Supportive Housing (VASH) project based
    • 6 Project-Based Section Eight (PBV)
  • 1 resident manager unit
veterans housing gpd experience
Veterans Housing GPD Experience
  • Life Safety Standards–Board & Care/New Apartments
  • Veterans Retraining Assistance Program(VRAP) & IRS
    • Federal job training program provides 1 year training aid to unemployed Veterans in community or technical college
    • Internal Revenue Code excludes full-time students from LIHTC w exception for f/t student in job training receiving aid under JTPA or other similar federal program
    • VRAP appears to meet f/t student exception but no IRS guidance, need private letter ruling for reliable answer
    • Lease-up threat & counterproductive goal
vash experience
VASH Experience
  • Housing First Approach
    • Applicants identified by VA difficult to find during lease-up
    • Lowered intake standards on credit and prior offenses
    • Security deposits unpaid or waived
    • Tenants occupy without furniture – TSA provided some
  • Case Management
    • Residents engaged in substance abuse and have not voluntarily entered treatment
    • VASH case managers absent from facility /other case loads
    • TSA initiated weekly meeting with VA and e-mail reports
    • VASH residents failing to pay rent & now facing eviction
apartment floor common areas
Apartment Floor Common Areas

Outside Smoking Decks

Inside Socializing Lounges

veterans housing experience
Veterans Housing Experience
  • Differing perspectives between TSA & VA on tenant leasing
    • Client v. tenant orientation
    • VA not understanding management time frames – lease up
  • Differing perspectives between GPD residents practicing recovery and VASH residents actively using
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