The Federal Savings Bank, an institution specialized in veteran loans, informs readers of efforts in St. Louis to convert an apartment building to house homeless veterans.
Chicago, IL (PRWEB) July 10, 2013
The Federal Savings Bank, an institution specialized in veteran loans has been informing its veteran clients of positive efforts in St. Louis. An unused multifamily building in St. Louis, Mo. will be converted to an apartment building to house homeless veterans.
The St. Louis Post-Dispatch reported that a five-story building located at 4011 Delmar Boulevard - just blocks from the John Cochran VA Medical Center - will undergo a $12.7 million renovation led by the Vecino Group, a housing developer from Springfield, Mo.
Once the renovations are completed, the building will provide up to 68 affordable apartment units, split up into eight three-bedroom units, 16 two-bedroom units, 24 one-bedroom units and 20 studios. Monthly rents will range between $369 and $640, with housing being offered to homeless vets exclusively - specifically those with special needs or difficulties with substance abuse or addiction. It is estimated that 12 percent of St. Louis's 1,3000 homeless are veterans. That figure does not include veterans who are currently living below the poverty line.
"We hope this is the residents' permanent home," said Stacy Jurado-Miller, a Vecino partner.
A first for the community
Known as the Freedom Place, the building originally housed high-end storefronts. It features terrazzo floors, terra cotta details and marble wainscoting - details which led to its 2008 nomination for consideration in the National Register of Historic Places. Built in 1928, it remains the only multi-unit building in a community of single-family homes. In 1950, when the region's economy shrank, the building unsuccessfully weathered the storm with a condo conversion.
According to the Daily Journal, Vecino officials said that, unlike other homeless housing developments, the Freedom Place building is intended to be a long-term residence, providing a stable and affordable place for veterans.
Partnering with the St. Patrick Center, a well-established homeless center in St. Louis, the Vecino Group is intending to source tenants from referrals from the center. Kelly Peach, spokesperson for the St. Patrick Center, said that, while details of the agreement are still be decided, a social worker will be provided by the center for use at the Freedom Place.
Construction is expected to begin soon, and the Vecino Group has established July 4, 2014 as its completion deadline. A mix of federal and state funds, historic preservation and low-income housing tax credits will be used to finance the project.
If you are veteran interested in securing housing, contact The Federal Savings Bank, a veteran-owned bank, to inquire about your VA home loan eligibility. Reported by PRWeb 2 hours ago.
Chicago, IL (PRWEB) July 10, 2013
The Federal Savings Bank, an institution specialized in veteran loans has been informing its veteran clients of positive efforts in St. Louis. An unused multifamily building in St. Louis, Mo. will be converted to an apartment building to house homeless veterans.
The St. Louis Post-Dispatch reported that a five-story building located at 4011 Delmar Boulevard - just blocks from the John Cochran VA Medical Center - will undergo a $12.7 million renovation led by the Vecino Group, a housing developer from Springfield, Mo.
Once the renovations are completed, the building will provide up to 68 affordable apartment units, split up into eight three-bedroom units, 16 two-bedroom units, 24 one-bedroom units and 20 studios. Monthly rents will range between $369 and $640, with housing being offered to homeless vets exclusively - specifically those with special needs or difficulties with substance abuse or addiction. It is estimated that 12 percent of St. Louis's 1,3000 homeless are veterans. That figure does not include veterans who are currently living below the poverty line.
"We hope this is the residents' permanent home," said Stacy Jurado-Miller, a Vecino partner.
A first for the community
Known as the Freedom Place, the building originally housed high-end storefronts. It features terrazzo floors, terra cotta details and marble wainscoting - details which led to its 2008 nomination for consideration in the National Register of Historic Places. Built in 1928, it remains the only multi-unit building in a community of single-family homes. In 1950, when the region's economy shrank, the building unsuccessfully weathered the storm with a condo conversion.
According to the Daily Journal, Vecino officials said that, unlike other homeless housing developments, the Freedom Place building is intended to be a long-term residence, providing a stable and affordable place for veterans.
Partnering with the St. Patrick Center, a well-established homeless center in St. Louis, the Vecino Group is intending to source tenants from referrals from the center. Kelly Peach, spokesperson for the St. Patrick Center, said that, while details of the agreement are still be decided, a social worker will be provided by the center for use at the Freedom Place.
Construction is expected to begin soon, and the Vecino Group has established July 4, 2014 as its completion deadline. A mix of federal and state funds, historic preservation and low-income housing tax credits will be used to finance the project.
If you are veteran interested in securing housing, contact The Federal Savings Bank, a veteran-owned bank, to inquire about your VA home loan eligibility. Reported by PRWeb 2 hours ago.