The Park East Apartments is a 73-home affordable historic rehabilitation project utilizing Federal and State Low Income Housing Tax Credits, Federal and State Historic Preservation Tax Credits, Affordable Housing Assistance Program Tax Credits, a predevelopment bridge loan from RHCDA, bridge financing from Washington University medical Center Redevelopment Corporation, and construction and permanent financing from U.S. Bank for the substantial rehabilitation of twenty-four buildings that were identified by the neighborhood as problem properties.
Park Central Development (Forest Park Southeast Housing Corporations,“FPSEHC”) and an affiliate of Rise (as Co-General Partners) and U.S. Bancorp Community Development Corporation (as Limited Partner) will acquire and rehab the buildings. The Missouri Housing Development Commission has awarded an allocation of Federal and State Low Income Housing Tax Credits and Affordable Housing Assistance Program Tax Credits and the State Department of Economic Development and National Park Service have approved the plans for State and Federal Historic Preservation Tax Credits.
Park East is developed by Rise Community Development (RHCDA) in partnership with Park Central Development (Forest Park Southeast Housing Corporation).
R.G. Ross Construction is the General Contractor