Bringing Homeownership Opportunities to North City

This morning, SLDC’s President & CEO Neal Richardson was honored to join Mayor Tishaura O. Jones and U.S. Bank (USB) to celebrate the groundbreaking on Tabernacle Community Development Corporation’s (TCDC) Hebert Homes Project, which will bring 26 new affordable for-sale housing units to the Jeff-Vander-Lou (JVL) Neighborhood.

Affordable housing helps families build generational wealth. As part of our Economic Justice Action Plan, we are investing directly in neighborhoods by building and rehabbing more affordable housing units for St. Louis families. The Hebert Homes Project was one of the first beneficiaries of the Housing Access and Neighborhood Stabilization Revolving Loan Fund that SLDC established in late 2022 by allocating $12 million in New Markets Tax Credits (NMTC) to the $14 million revolving loan fund financed with NMTC equity and $10 million of American Rescue Plan (ARPA) funds. To increase the total Fund to $14 million, USB committed to sub-allocate an additional $2 million of its tax credit allocation. USB has also pledged approximately $4 million in equity for the transaction, which reduces the lending risk, allowing builders to develop at scale while lowering the cost of homes for buyers.

Congratulations TCDC for moving the vision forward!