Velda Glen Townhomes LP to Renovate Multi-Family Living Facility in St. Louis County
Image courtesy of Velda Glen Townhomes LP
Industrial Development Authority of St. Louis County approves $5 million bond issuance for renovation of townhomes
VELDA CITY, Mo. – Velda Glen Townhomes LP is renovating Cambridge Townhomes, an affordable family rental housing development located in Velda City, Mo., in St. Louis County, Mo.
The Industrial Development Authority of St. Louis County, managed by St. Louis Economic Development Partnership, has approved the issuance of $5 million in tax exempt bonds for the $8.5 million renovation project.
Renovations of the townhomes began in June.
After the renovations are completed, the 18 building, 2.75-acre property will be known as Velda Glen Townhomes and consist of 60 townhomes comprised of one, two- and three-bedroom units.
The St. Louis County Department of Human Services Office of Community Development provided $350,000 in HOME Investment Partnerships Program funding to support the rehabilitation. This investment helps preserve affordable rental homes for families and other vulnerable residents in Velda City, reinforcing the county’s commitment to expanding access to safe, quality and affordable housing.
Additional financers of the project include the Missouri Housing Development Commission, First Bank and Sterling Bank.
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