Nu Elm Apartments
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
Preservation Transaction Description
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
Property Rehabilitation Scope
Over $2.5 million in total rehabilitation expenditures including:
- New kitchen cabinets, countertops, appliances, & flooring
- New bathroom vanity, water closet, lavatory & flooring
- New HVAC systems
- New lighting throughout
- New roofing, windows and blinds
- New playground equipment
Development Partners
Allocating Agency
Missouri Housing Development Commission
Local HUD Office
HUD St. Louis Office
Municipality
City of Springfield
First Mortgage Lender
Missouri Housing Development Commission
Tax Credit Investor
SunAmerica Affordable Housing Partners
Architect
Wallace Architects
Contractor
DCI Construction
