Recommendation IE.1

Recommendation Status: Expand

Fund homebuyer assistance programs, with emphasis on low-to moderate income households.

This recommendation helps achieve the following:

Key Issues Addressed

Population Stagnation
Greater Housing Diversity & Affordability
Social & Environmental Resilience
Not Infrastructure Cost-burden
Not Jobs-Skills Mismatch
Economic Development
Housing
Land Use & Development
Not Open Space & Environment
Not Transportation & Infrastructure
Complete Communities icon
Inclusive Economies icon

Complete
Communities

Inclusive Economies

Related Planning Topic Areas

Applicable Geographic Scales

Countywide

Not Countywide

Municipalities

Recommendation is not applicable at the municipal scale.

Sub-geographies

Sub-geographies

Equity Considerations

Focusing on census block tracts and households at 80% of Area Median Income will help lead to age, racial, and economic diversity that can lead to a reduction in the wealth gap.

Equity considerations icon

Sustainability Considerations

Attracting and retaining income and racial diversity supports long-term social and economic cohesion.

Sustainability considerations icon

Implementation

Lead Partner(s)

  • St. Louis County Department of Human Services

Lead Partner(s) icon

Supporting Partner(s)

Cost

Low
(Less than $1 mil)

Medium
($1-10mil)

High
($10+ mil)

  • Community Builders Network

  • Urban League of Metropolitan St. Louis

  • Beyond Housing

  • Better Family Life

  • Federal Home Loan Bank

  • The Housing Partnership, Inc.

  • St. Louis CDFI Coalition

Supporting Partner(s) icon

Project, Partnership, or Policy

Not Project

Project

Partnership

Policy

Timeline

Long-term
(10+ Years)

Ongoing

Near-term
(Within 5 Years)

Medium-term
(5-10 Years)

Potential Funding Sources

  • HOME Investment Partnership Funds

  • Federal Home Loan Bank

  • Missouri Department of Economic Development

  • Missouri Housing Development Commission

  • Christian Hospital Foundation

  • St. Louis Port Authority Community Investment Fund

Tracking Implementation

Tracking Success

  • Home ownership rates among Low- to moderate- income households.

  • Reduction in housing cost burden rates (at 30% of income).

  • Rates of downpayment assistance utilization and total funds leveraged.

  • Foreclosure rates among participants.

Implementation tracker icon.

If overperforming, what should we do?

Review for the least effective or most resource-intensive strategies with funding/resources that can be mobilized to underperforming policies.

If underperforming, what should we do?

Identify successful strategies and partners through quantitative metrics with qualitative folLow-ups to provide depth and context.

Then promote successful strategies and programs and cull or troubleshoot unsuccessful ones.

Next

IE.2/Utilize Missouri State Statue Chapter 353 Tax Abatement to help redevelop blighted areas/PS/SER