ACCOMPLISHMENTS

• State Street Apartments: Awarded a critical allocation of Low Income Housing Tax Credits from the Missouri Housing Development Commission.  The credits were received for DeSales State Street Apartments, a 14 unit project in the DeSales service area.  This development is a continuation of DeSales' affordable housing development program, which since 1994 has produced 79 LIHTC units, rehabilitated 30 buildings and generated over $10.3 million in neighborhood investment.

• Russell Place: Construction of the display unit began in April and was completed in September.   Russell Place is a 6-unit single-site new home development located in the Fox Park neighborhood and the Compton Hill Historic District in south St. Louis.  This project is a continuation of DeSales' strategy to redevelop vacant land, unsalvageable buildings, and non-conforming uses with new single-family homes.

• Fox Grove Management, LLC: Formed Fox Grove Management, LLC (FGM) to manage the housing corporation's multi-family real estate portfolio.  FGM is dedicated to providing high quality, community-based property management services to maximize the double bottom lines of neighborhood improvement and financial performance.  DeSales, which is the only community-based nonprofit in the area to manage over 200 residential and commercial units, will add five members to its staff to assist with management operations.

• Hired Office Administrator: Hired Erin Hick (January 2005) to provide administrative, bookkeeping and accounting support for DeSales and Fox Grove Management.

• 2303-07-11 Minnesota: Sold three vacant buildings to Metropolitan Design and Building, which converted the buildings to six condominiums.

• 3200 Shenandoah: Negotiated a commercial lease with Ausmer Enterprises, LLC to renovate this space for Van Goghz Martini Bar.

• 2809-11-13 Shenandoah: Sold this vacant six-family to Rich and Rob Trepanier, d/b/a 920 Development.  They have commenced rehabilitation of the property and conversion to three town homes for resale.

• 2623,2625 Iowa: Completed architectural plans for the rehabilitation of 2 single-family homes by Russell Redevelopment, LLC in 2005.

• SBC Excelerator Grant: Received a $5,000 Technology Grant from SBC for telecommunication improvements and software updates.
• Property Acquisition:  Acquired 2 properties in Fox Park for future development by DeSales or others.