Dec. 29, 2009
For immediate release

For more information, contact:
Bonnie J. Prigge, (573) 265-2993

MCEC and Senior Apartments in Steelville, Bourbon, St. Clair, Awarded $1.6 Million In Grant Funds for Renovations
Contractors needed for projects

ST. JAMES— Five area nonprofit boards —four of whom operate senior citizen apartments—have been selected to receive a total of $1.6 million in grant funds to renovate a total of 228 units.

The Federal Home Loan Bank of Des Moines, the granting agency, recently announced that:

• Steelville Homes of Steelville, MO, was awarded $375,064 to improve 48 units with First Community National Bank serving as the sponsoring bank;

• Autumn Age Homes of Bourbon, MO, was awarded $234,938 to improve 48 units with Town and Country Bank serving as the sponsoring bank;

• Greater St. Clair Homes of St. Clair, MO, was awarded $403,850 to improve 56 units with Farmers and Merchants Bank serving as the sponsoring bank;

• Arcadia Valley Senior Citizens of Arcadia was awarded $483,220 to improve 52 units at Frederick Terrace Apartments with First State Community Bank being the sponsoring bank, and

• Meramec Community Enhancement Corp., of St. James, was awarded $145,000 to improve 25 single-family homeownership units with Phelps County Bank serving as the sponsoring bank.

The four apartment complexes were built some 20 to 30 years ago, using loans from USDA Rural Development, who also provides rental assistance to very low-income families in the apartments.

Because the units are designed to be affordable, rents are below market rates, making it difficult for the volunteer boards to accumulate funds to undertake major renovation of the aging units.

While each complex needs specific improvements, the grant funds will be used to install central heating and cooling systems, replace roofs, windows, doors, hot water heaters, appliances, sidewalks, cabinetry, renovate bathrooms, install ground fault outlets, smoke detectors, soffit and fascia and upgrade some breaker boxes.

Contractors are needed to complete the renovation. As soon as grant agreements are in place, Meramec Regional Planning Commission will finalize work write-ups and schedule contractor walk-throughs. The work will be competitively bid and the local senior housing boards will select contractors.

Contractors interested in working on the projects must complete a two-page application, available online at www.meramecregion.org or available by calling or emailing Chuck Cantrell at 573-265-2993 or ccantrell@meramecregion.org.

The Federal Home Loan Bank of Des Moines is a wholesale cooperative bank that provides low-cost short and long-term funding and community lending to more than 1,200 members. It is one of twelve regional banks that make up the Federal Home Loan Bank System. The FHLB System is the largest supplier of home mortgage credit in the United States. Congress created the national network of privately owned wholesale banks in 1932 to ensure available funding for mortgages, however, it receives no taxpayer funding.

The bank devotes 10 percent of its net income each year to affordable housing programs. The Des Moines bank serves commercial banks, savings institutions, credit unions and insurance companies in Iowa, Minnesota, Missouri, North Dakota and South Dakota.

Some 41 grant requests were approved in the five-state region; 12 of those were in Missouri. Four applications—Steelville, Bourbon, St. Clair and MCEC— were prepared by MRPC. Additionally, MRPC will coordinate, oversee and inspect renovation work and will assist the board and bank with payments to contractors on all five projects.

In order to apply, the nonprofits had to secure the sponsorship of a FHLB member-bank. Sponsoring banks will assist with reporting and requesting grant funds.

USDA assisted with the senior apartment applications and provided letters of support for the projects and will also assist with construction monitoring.

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