Many steps are involved in the establishing of new residential development. The current state of residential development in St. Louis, Missouri is drastically different than it was in previous years, with fewer homes available due to various economic factors. Whether in the heart of downtown or in bordering counties, finding real estate in this area can be competitive and frustrating.
A large amount of managing and assembling vacant land is involved in residential development. The City of St. Louis website shares the plans of an organization called St. Louis Development Corporation. The SLDC, with the assistance of federal funds, facilitates real estate development through the City of St. Louis. Using various resources, the organization works to improve the housing market of the city by providing funding to non-profit and for-profit developers, who then revive abandoned buildings and build on available land. This combined effort helps individuals struggling to find affordable housing. The SLDC works with the following other organizations to better residential development in the area:
- The U.S. Department of Housing and Urban Development
- Missouri Housing Development Commission
- Department of Economic Development
- Home Builders Association of St. Louis
- Fannie Mae
Rise is another organization working toward bettering the community by helping provide better quality housing for the city of St. Louis. All kinds of communities are in need of this assistance, and Rise works as a development consultant to catalyze the neighborhood revitalization process. So far, Rise has completed 4,767 homes, investing over 648,000,000 in development costs. By boosting residential development, organizations such as Rise hope to better energize the community’s economy and improve overall quality of life.