Gateway establishes Participation Loan Pools in St. Louis and Kansas City

Work is progressing toward establishing Participation Loan Pools in St. Louis and Kansas City. The loans will be made for the purpose of creating or preserving affordable housing in Gateway’s target markets. The focus of a loan pool in St. Louis will be for intermediate to long term lending for mortgages on LIHTC properties which have reached the end of the compliance period. The funds would be used to refinance the remaining portion of the first mortgage and, in some cases, provide for rehabilitation of the property and ownership by the current general partner.

In Kansas City there is a need for short term funds to purchase, rehabilitate and sell to owner-occupants foreclosed homes in neighborhoods served by Community Development Corporations with experience, but insufficient cash, to do this on an efficient scale. The Loan Pool Agreement and Subscription Documents are now available and staff is eager to increase Gateway’s lending activity in the coming months. For more information, please contact Erica Dobreff at email hidden; JavaScript is required.

Had it not been for the receipt of this funding, we simply would not have been able to begin our project.

Margaret May - Executive Director, Ivanhoe Neighborhood Council