The North Newstead Association introduced an $8 million housing project to the O’Fallon and Penrose neighborhood, the North Newstead V, during a ribbon-cutting ceremony last Thursday afternoon.
The North Newstead Association (NNA) created this project to provide affordable housing units for families at or below the 60 percent median income level in this neighborhood.
Dana Scott-Person, executive director of the association, said the housing units will benefit working families, because “a family of four with $36,000 income is not poor, it’s working class.”
The North Newstead V project has created 31 homes and 192 construction jobs. During the development, it was a goal to have a large amount of minority participation, and by the end of the project the association reported more than 50 percent minority participation.
The buildings within the North Newstead V include 27 units with two bedrooms and 1 ½ baths, and four town homes with three bedrooms and two baths. Amenities include: kitchens with oak cabinets and laminate countertops, stove, garbage disposals, dishwasher, and refrigerator.
The rent for these units will range from $500 to $535 for the two-bedroom units and $625 for the three-bedroom units, which are rates below the average rent for the area.
NNA has continued to partner with R. G. Ross Construction Company in providing construction services. The project has taken three years to complete, but with hard work and partnerships it was finished on time after a two-month delay in the beginning.
The NNA is a non-profit organization that works for the community and has developed over 100 affordable housing units. Aside from Penrose and O’Fallon, NNA represents the Greater Ville neighborhood. Combined, there is over $20 million invested in these neighborhoods.
“This is a great occasion,” said Angela Morton Conley, director of St. Louis Affordable Housing Commission. “The housing market has been so suppressed.”
The North Newstead V received funding from the State of Missouri and federal Low-Income Housing Tax Credits and investments by the St. Louis Equity Fund. The St. Louis Equity Fund has invested in 110 developments which have created more than 3,200 units, totaling over $163 million in investments.
Development of the North Newstead V has been administered by the Missouri Housing Development Commission.
After the ribbon cutting ceremony, a reception followed, as well as a tour of one of the unoccupied units.
Marian Campbell, director of asset management for the association, grew up not far from the North Newstead V.
“I was in shock,” said Campbell. “It is a tremendous improvement to the area, and it gives you hope.”
Ernest Smoot, president of the North Newstead Association, said he is excited not only to rebuild housing for the neighborhood, but “to rebuild an entire block.”
Smoot has lived in the community for 42 years. In fact, he has lived in the same house and has watched the neighborhood fall apart over the years.
“Now, it is a rebirth,” said Smoot.
