$10 million NMTC-funded loan makes Urban League Plaza development a reality
A new center for economic growth in St. Louis County is getting a boost from New Markets Tax Credits (NMTC). On December 19th, Heartland Regional Investment Fund, L.L.C. (HRIF), a subsidiary of St. Louis Economic Development Partnership (STL Partnership), deployed a $10 million NMTC allocation to support the development of the Urban League Plaza in Dellwood, Missouri. USB NMTC Fund 2025-8, LLC is the NMTC investor with support from U.S. Bancorp Impact Finance, and First Bank provided source financing and will be a tenant at the center. Smith NMTC Associates, LLC facilitated the closing to maximize the project’s community benefits, provides the recapture guaranty, and will work closely with the Urban League of Metropolitan St. Louis (ULSTL) on compliance and impact reporting over the 7-year compliance period.
The Urban League Plaza will create new jobs while fostering entrepreneurship and promoting community wellness. As the third phase of a community vision that was developed after the death of Michael Brown, the development has been designed specifically to meet needs identified by residents and community stakeholders. The multi-use center will feature commercial space as well as an incubator for new businesses and a community conference center with co-working spaces. Tenants will include First Bank, Prime 55 Social Restaurant, Healing Together STL, and Proficient Chiropractic. The ULSTL’s Women’s Business Center and Save Our Sisters program will also operate from this location providing much desired support services and opportunities.
About the Urban League of Metropolitan St. Louis
Through 60 unique programs and services, the Urban League of Metropolitan St. Louis is working to build a future where every individual is empowered, self-sufficient, and contributing to vibrant neighborhoods and a thriving St. Louis region.
As the leading champion of empowerment and opportunity for African Americans, the Urban League of Metropolitan St. Louis envisions a region where all people:
- Are valued members of the community;
- Can adequately support themselves and their families;
- Can live in neighborhoods that are vibrant and thriving; and
- Share in the region’s prosperity and well-being.
The Urban League Plaza is ULSTL’s fourth new development project in the Ferguson, Dellwood and Jennings areas of St. Louis County.
About HRIF & STL Partnership
Heartland Regional Investment Fund, L.L.C. (HRIF) provides financing to projects in distressed communities located in the areas supported by its members, consisting of the City of St. Charles, Southwest Illinois Development Authority and STL Partnership. The areas that HRIF serves are St. Louis and St. Charles counties in Missouri, plus Bond, Clinton, Madison and St. Clair counties in Illinois.
The St. Louis Economic Development Partnership (STL Partnership) provides economic development services for the City of St. Louis and St. Louis County. STL Partnership works in collaboration with the St. Louis Development Corporation, Greater St. Louis, Inc., the Missouri Department of Economic Development, the Missouri Partnership and other economic development partners to attract, retain, and grow companies coming to or expanding in the St. Louis, Missouri region.
Creative Solutions for Innovative Financing
Smith NMTC Associates, LLC works with mission-driven organizations throughout the country to develop creative financial models and structures for projects that bring affordable homeownership and community facilities and services to low-income communities and their residents.
In 2008, Smith NMTC Associates, LLC pioneered the first NMTC model for affordable homeownership, in collaboration with U.S. Bancorp Community Development Corporation and Habitat for Humanity International, to deploy $25 million in NMTC allocation that benefited five nonprofit developers in the Gulf Opportunity Zone after Hurricane Katrina.
As of December 19, 2025, the company has closed over $925 million in NMTC transactions, including $760 million for 160 affordable homeownership projects, in collaboration with 24 CDEs and resulting in 6,171 homes in low-income communities across 33 states and Washington, D.C.