Fall 2007 issue of Horizons

Client Spotlight John Wuest, President/CEO, St. Louis Equity Fund Inc.

St. Louis Equity Fund Is Growing And Expanding Developers and sponsors applaud the St. Louis Equity Fund’s (SLEFI) plans to more than double its annual investment in affordable and market-rate housing projects in St. Louis and expand geographically. The fund’s mission is to stimulate the development of low and moderate-income housing units throughout the St. Louis region and the state of Missouri. In so doing, it provides a reliable, stable investment opportunity for corporations, a steady source of equity for area developers, and a variety of resident support programs. John Wuest, President/CEO, St. Louis Equity Fund Inc., recently said that the organization’s new strategic plan calls for more than doubling the annual fund it raises to $40 million over the next five years, with expansion into southern Illinois and beginning a new initiative in Kansas City. “Since the Low Income Tax Credits are allocated by geography in Missouri, we felt that it is important to expand our reach to the Kansas City area in order to sustain our growth and further assist in increasing the supply of affordable housing,” explained Wuest. Erica Dobreff, most recently the executive director of the Kansas Housing Resources Corporation and executive director of the Missouri Housing Development Commission prior to that, is the president of the Kansas City Equity Fund. In her former positions, she was deeply involved with development and implementation of policy for affordable housing programs.

The St. Louis Equity Fund raises capital on an annual basis from financial institutions and corporations and invests this capital in affordable and historic rental housing units by purchasing federal and state tax credits from both for profit and not-for-profit developers or sponsors and then allocating the tax benefits of these investments to its investors. By serving as a conduit, the fund facilitates the production of affordable housing in targeted neighborhoods while providing a fair rate of return to its investors. During the investment period, the fund takes a majority interest in the project as a limited partner. In addition, it closely monitors the project to ensure that all compliance requirements are met. “SLEFI offers an excellent opportunity for concerned corporations and financial institutions to participate in the process of providing safe, decent affordable housing in neighborhoods throughout the state of Missouri and southern Illinois while earning a satisfactory return on their investment through the utilization of the tax credits. “It takes patience and persistence to stabilize and revitalize blighted neighborhoods.” - John Wuest, President/CEO, St. Louis Equity Fund Inc.

21 u winter 2007 issue