State and Federal historic tax credits help revitalize historic Saint Louis City neighborhoods. 25% of eligible costs with a renovation cost in the amount of 50% or more of the acquisition price (i.e. a property bought at $100,000 would require a $50,000 renovation (or more) to qualify) are reimbursed through the state program. An additional 20% is available for rental renovations held for 5 years through the Federal historic tax credit program.
The Affordable Housing Tax Credit Program is a program of the Missouri Housing Development Commission. As an incentive for Missouri businesses to participate in affordable housing production, the State of Missouri offers an income tax credit for firms and qualifying individuals that donate cash or stock to a nonprofit community organization like Tower Grove Neighborhoods CDC. The donations must assist our nonprofit with the acquisition, construction, and/or operation costs of our affordable housing development, such as our Bamberger portfolio of 30 units.
With the approval of the Alderman, tax abatement of 5 to 10 years may be available.
Saint Louis City offers a 50/50 sidewalk incentive for all home owners and developers of residential real estate.
Saint Louis City also provides commercial facade grants to businesses in Saint Louis City.
