2020 Year-end Summary
During 2020 Gateway staff and contractors worked with clients to prepare applications for Low Income Housing Tax Credits, Federal Home Loan Bank Affordable Housing funds, and Missouri State Affordable Housing Assistance Credits. After an award of LIHTC late in 2019, Gateway worked with Fair Housing Partners to secure MHDC’s Firm Commitment for New View Place I in Kansas City, MO. The initial closing for this property was achieved in December 2020 and Gateway will manage the construction draw process and provide consulting services through the final closing, which is scheduled for early 2022.
In Madison, WI, The Salvation Army engaged Gateway to prepare funding applications to The City of Madison for Affordable Housing funds, and to the Wisconsin Housing and Economic Development Authority for LIHTC. This was the second application to each of the entities and, The Salvation Army staff is hopeful that these will be successful. Future plans also include continued discussions with The Salvation Army about engagements in Minneapolis, MN; St. Louis (for housing in Illinois); and Kansas City, KS.
After two years without the Missouri State LIHTC, this valuable tool was again available to developers with the allocation of 2020 Federal credits in December 2020. The housing development community is very pleased that the State saw the value the State LIHTC means in the creation of more affordable housing and Gateway is happy to assist developers again in 2021/22 with housing credit applications.
During 2020, Gateway CDFI approved 17 loans totaling $3.7 million and representing 119 housing units. Over the same time period, Gateway closed nine loans totaling nearly $1 million, bringing 27 housing units back online. Borrowers include A Caring Plus Foundation, Urban Building Solutions, DeSales Community Development, Tabernacle CDC, and St. Louis Art Place Initiative and Flourish Properties. Gateway’s goal is to raise more funds in its St. Louis and Kansas Participation Loan Pools. For information regarding these loan pools, contact Jaycee Greene.