Accomplishments |
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DeSales Mutual Housing Association |
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California Avenue MHA Buildings |
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History In the early nineties, the number of vacant properties and non-owner occupied units in Fox Park were on the rise. On some blocks, up to 70% of the units were non-owner occupied, and many of these were poorly managed and maintained. Fox Park was in desperate need of housing investment centered on the multi-family segment of the neighborhood housing market. Then, in 1991, DeSales began planning an innovative program for multi-family development known as DeSales Mutual Housing Association (MHA). The purpose of a mutual housing association is to produce and operate quality, affordable housing, and to do so in the interest of both the residents of that housing and the community in which it is located. Based on this model, DeSales designed an MHA that would generate investment and establish long-term stability in Fox Park's multi-family market. It would also give residents of this housing a sense that they had a stake in their community, just as a homeowner does. In 1993, using the Low Income Housing Tax Credit, DeSales MHA developed its first housing, 22 units in the Iowa Avenue Townhomes and California Avenue Townhomes in Fox Park. Since that time, DeSales has completed three additional projects in Fox Park and Tower Grove East. Compton Hill 2002, DeSales' fifth and most recent project, should be completed by mid-summer 2003. Combined, these five projects have generated an investment of over $10 million and rehabilitated 81 units in 29 previously vacant buildings. Residents
By design, mutual housing imparts some of the attributes of home ownership to rental
housing. The residents of MHA have many rights not enjoyed by tenants of conventional
housing. They are involved in the selection and oversight of property management, as
well as the screening and selection of new residents. They also attend bi-monthly
resident council meetings and participate in community events such as the Operation
Brightside Blitz and National Night Out.
DeSales’ latest affordable housing development, named Compton Hill 2002, makes use of both Low Income Housing Tax
Credits and Historic Rehabilitation Tax Credits. It also includes a mix of both affordable and market rate
apartments.
Compton Hill 2002 includes 16 units in 6 buildings. Five are in Fox Park and 1 is in Tower Grove East. The project
got underway in November 2002 and will generate $2.1 million of investment. The St. Louis Equity Fund, Inc. is
DeSales’ investment partner and Allegiant Bank is the lender.
Three buildings located in the Compton Hill Historic District in Fox Park will receive federal and Missouri historic
tax credits. These buildings will undergo full interior rehabilitation and the exteriors will be restored with such
improvements as new cornices, new slate mansard roofs with copper detailing.
Completion of Compton Hill 2002 is slated for mid 2003.
The MSP was designed to help residents save money, develop money management skills, and build assets. Based on the
Individual Development Account model, DeSales' MSP provides a dollar-for-dollar match of up to $500 annually for
money saved by each participating MHA resident. Participants are required to open a savings account, make monthly
deposits in the account, and complete the Gateway to Financial Fitness training program. Since the program's
inception in 2000, over $5,000 in matching funds have been paid to participating MHA residents.
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