Smith NMTC Announces Closing of $7M SLDC NMTC Loan to Support Tabernacle Community Development Corporation
The Smith NMTC Associates team is thrilled to announce the closing of a $7M SLDC New Markets Tax Credit (NMTC) supported loan to Tabernacle Community Development Corporation (CDC), a Missouri nonprofit organization, in partnership with St. Louis Development Corporation, through its Housing Access and Neighborhood Stabilization Revolving Loan Fund, and an investment from U.S. Bancorp Community Development Corporation.
About Tabernacle CDC
Founded in 2014 with a mission of assisting communities by building people, the Tabernacle CDC is committed to eliminating poverty and social exclusion by improving the social, educational, and economic infrastructure that leads to self-sufficiency. As an organization, Tabernacle takes a three-pronged approach to achieve this: Education, Empowerment, and Economic Advancement.
By starting with education, Tabernacle’s goal is to mentor and motivate individuals to become lifelong achievers. With tools and resources, such as personal financial management, budgeting tools, and financial literacy, individuals can make life-altering changes and decisions—particularly around housing and homeownership. Tabernacle is currently focused on community development and revitalization in a number of St. Louis neighborhoods, including Jeff-Vander-Lou, Fairgrounds, O’Fallon, and Greater Ville.
About the Project
With this exciting $7M NMTC allocation, Tabernacle CDC will build approximately 20 homes in three highly-distressed Qualified Census Tracts (QCTs) in areas targeted by the City of St. Louis for redevelopment. Eighteen homes will be located in the Jeff-Vander-Lou neighborhood, with 16 located on Hebert Street, near the site of the 1949 Fairgrounds Park Riots that erupted over a newly integrated swimming pool. Two of the homes will be located in the Greater Ville and Fairgrounds neighborhoods. All three neighborhoods still experience racial inequalities today.
The goal of the project is to build homes that support the vital need for workforce housing, homes for growing families, and multi-generational homes. The project locations will also provide residents with access to a variety of local amenities, such as Fairgrounds Park, public transportation options with connections to major employment centers, goods and services along the North Grand commercial corridor, and health and financial resources at The Hub, a community resource center.
About the Neighborhood and Homes
The new construction homes are designed to complement the character of the existing homes in the area—with front brick and variations in brick details. The floor plans are designed to be located on historically narrow St. Louis lots while still providing multiple bedrooms with standard home amenities and adequate living space.
Most home designs will be two-story homes with 1,600 square feet of living space. This will typically provide space for 3 bedrooms, 2.5 baths, a full basement, and an optional detached garage with alley access.
All of the new Tabernacle properties are located in highly-distressed QCTs:
Hebert and Palm Street
- Poverty rate: 29%
- AMI: 44.57%
- Unemployment rate: 16.80%, 2.02x the national average
Hebert Street is an area experiencing rapid deterioration of housing stock, severe blight, and vacancy. This strategic location of infill and rehab development will establish a consistent urban density, create a sense of place, and promote continued local investment and economic growth.
Lexington
- Poverty rate: 26%
- AMI: 38.38%
- Unemployment rate: 23.20%, 2.80x the national average.
Harper
- Poverty rate: 36.20%
- AMI: 51.12%
- Unemployment rate: 28.70%, 3.46x the national average.
Learn More
To follow along with Tabernacle’s progress, click here.