Tabernacle Community Development Corporation was formed in 2014 when The Tabernacle, a church on Ashland Avenue in the JeffVanderLou neighborhood of North St. Louis City, identified a vision to revitalize two neighborhoods in its footprint: JeffVanderLou and The Ville. Andre Alexander stepped up to lead Tabernacle CDC in this journey.
Tabernacle CDC created the Affordable Rental Program to accomplish its vision and create safe homes for area residents. The organization purchases properties and renovates them so that they can become new, affordable homes for area families. Moreover, rent is set based on ability to pay so that families can build wealth and achieve financial stability. There is no shortage of neighborhood residents hoping to live in these renovated homes and Tabernacle CDC maintains a long list of interested tenants.
Tabernacle CDC is also passionate about saving existing buildings and honoring the neighborhood’s architectural integrity. This includes preserving elements dating back to the 1920s like pocket doors, crown molding, and fireplace mantels in the homes it renovates. This attention to detail and dedication to saving existing buildings contributes the success and revitalization of the entire neighborhood.
However, financing these projects is not easy. This is made even more difficult because of appraisal gaps, deflated home values, and disinvestment within the broader community caused by racist housing policies like redlining.
This is where Gateway CDFI stepped in to help.
Gateway CDFI helps fill the need for non-traditional loan products and development consulting services to under-served areas. This made them the perfect match for Tabernacle CDC and their affordable housing initiative in the JeffVanderLou neighborhood.
Jaycee Greene, Community Development Lender at Gateway CDFI, met Andre Alexander in 2018 at an event called Investment Connection hosted by the Federal Reserve Bank of St. Louis. That’s where he learned about Tabernacle CDC’s vision and proposed housing initiatives.
“Given their attributes, the financial wherewithal of the CDC, and the strength of Andre’s leadership, Gateway CDFI was able to provide a significant loan commitment within three months of the Investment Connection event and closed on a loan within six months,” said Jaycee.
In addition to an investment of $400,000, Gateway CDFI was also able to connect Andre and Tabernacle CDC to other nonprofits and funders. Already, they have renovated three multifamily buildings as a result of their relationship with Gateway CDFI and now have their eye on additional projects nearby, including the creation of a community resource center.
Gateway CDFI is a certified community development financial institution (CDFI). It was established in 2009 to provide nontraditional loan products and development consulting services to underserved areas, including communities in Missouri, Southern Illinois, and Eastern Kansas.
Gateway CDFI is a member of the St. Louis CDFI Coalition, a partnership among eight CDFIs that offer an array of capital, development, and consulting services and share a common mission to empower a comprehensively healthy St. Louis community through support for nonprofits, small businesses, and communities facing disinvestment.
This story was adapted and all photos were reproduced with permission of the Federal Reserve Bank of St. Louis, Open Vault blog, Oct. 23, 2019: Rebuilding Homes and Restoring Hope in North St. Louis” Federal Reserve Bank of St. Louis’ Open Vault Blog.
