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Thursday, 17 April 2008 18:00 |
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Have you ever wondered how some small neighborhood-based community development organizations in St. Louis get the resources to package a development project for financing? After all, most of them do not have the financial resources available for site assembly, the architectural and engineering costs, and all the other costs that must be incurred before a bank will even consider looking at their "deal." Conventional financing from banks is not available until projects are certain to proceed, leaving many organizations with major obstacles to move development projects from concept to drawing board, and then to construction. RHCDA's Predevelopment Loan Fund fills this need. As a lender, RHCDA provides financial resources where no others exist. We make loans to not-for-profit organizations, providing essential funding for project predevelopment costs.
RHCDA's Predevelopment Loan Fund allows area not-for-profits the opportunity to explore their dreams while accelerating the time from project inception to construction start-up. Without this vitally needed regional resource, most local not-for-profit real estate development would be almost impossible, presenting a tremendous impediment to neighborhood revitalization in the metropolitan area. Just ask North Newstead Association. A committed community-based development organization in the O'Fallon neighborhood, North Newstead Association has used RHCDA's Predevelopment Loan Fund for seven development projects. Their first loan helped them rehab a corner storefront building to house their new offices, with two upstairs apartments. This allowed them to anchor a strategic corner of the neighborhood where they wanted to target their development efforts. Our Predevelopment Loan fund allowed them to develop their next five projects, resulting in the redevelopment of 75 more homes and apartments. Their most recent loan will enable them to develop 18 more units. Altogether, $625,000 in seven RHCDA Predevelopment Loans will enable North Newstead Association to undertake just under $16 million in development, resulting in 95 redeveloped residential units and an attractive office space to help revitalize their neighborhood. Way to go North Newstead Association! For more information about RHCDA's Predevelopment Loan Fund, contact Jim Lutz at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. A loan application is available at www.rhcda.com/Predevelopment.html |
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RHCDA is Regional Housing and Community Development Alliance, a nonprofit organization that creates and supports the alliances that make smart, sustainable neighborhood revitalization possible in the St. Louis region. |
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"Through funding, financing, training, and just plain hard work, RHCDA has made a tremendous difference in our neighborhood. When we have questions, they're there. They give amazing advice. They stick around. They even come to our annual neighborhood pot luck dinner, covered dishes in hand." - Johnnie Owens, Resident, Old North St. Louis Neighborhood |
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