Nu Elm Apartments was originally built in 1972 under the HUD 236 Mortgage Program. It houses both families and elderly residents of Springfield, MO in 72 Apartments comprised of 24 one bedroom and 48 two bedroom units. The property was purchased by the principals of Evergreen Partners in July, 2008. Sources of funds included equity raised from the sale of 9% low income housing tax credits along with debt provided by the Missouri Housing Development Commission. We were able amend existing Section 8 contract so that it will remain in place for an additional 15 years, ensuring on-going affordability for the residents of Nu Elm for years to come.
Nu Elm Apartments
440 South New Ave.
Springfield, MO 65806
Phone: (417) 865-6993
Office Hours: M-F 9:00 am-4:00 pm
First Mortgage Financing: FHA risk-sharing loan provided by the Missouri Housing Development Commission (MHDC).
Equity Financing: Equity raised through the sale of 9% low income housing tax credits, allocated by MHDC and purchased by SunAmerica.
Section 8 Contract Renewal: Yes
Over $2.5 million in total rehabilitation expenditures including:
Missouri Housing Development Commission
Local HUD Office
HUD St. Louis Office
City of Springfield