Tax credits approved for next phase of Covenant redevelopment

Dignitaries take up golden shovels for a photograph at Covenant Place’s groundbreaking  ceremony Feb. 17. Photo: Andrew Kerman 

On Friday (Dec. 4), the Missouri Housing Development Commission (MHDC) approved a low-income housing tax credit (LIHTC) for the second phase of the Covenant Place redevelopment, according to Covenant leaders.

The MHDC voted during a meeting this morning in Columbia, Mo. Per the memo in the MHDC meeting agenda packet recommending Covenant Place II, the project was one of 31 across the state being recommended for the 9 percent credit, out of 99 applications received by the commission. Of those 31 projects, nine are in the St. Louis region, with six in the Kansas City area and 16 outstate. 

The summary sheet in the public packet indicates that Covenant II will be a “four-story senior resident with 102 one bedroom units. All are Section 8 units. Building features a 20,000 sq ft community and service area for entertainment, medical and therapy offices.”

The sheet further refers to total development costs for the project of between $17 and $18 million, with MHDC’s low-income HOME and proceeds derived from the grant of federal and state low-LIHTCs providing a significant share of the resources needed for development. 

The Covenant I project is currently under construction and also received support from MHDC, as previously reported in the Jewish Light.