Associated Bank provided $7.5 million of Low Income Housing Tax Credit equity for the rehabilitation of the former Granite City, Illinois, YMCA into Edison Avenue Lofts. Only 15 miles east of downtown St. Louis, the mixed-use building is located at 2001 Edison Ave., across from City Hall in Granite City.
Rise Community Development is the developer. Boston Capital is the tax credit syndicator for the project.
Built in 1924 and vacated in 2004 when the YMCA moved to a new location, the building will be conveted into 37 apartments and 5,000 square feet of plaza-level commercial space. The project will include 25 one-bedroom units and 12 two-bedroom units.
The units will be affordably priced for households earning 30 percent to 60 percent of the area median income.
Teresa Rubio, senior vice president for Associated Bank’s Associated Community Development Group, managed the equity investment.
