Building Innovation for Homeownership
Award Winners: Missouri

PROJECT: Bettys Walk, St. Louis, Missouri

SUBMITTER: Mark Turken/Charles Bussey, SHIP Development Corp., St. Louis, Missouri

PROJECT DESCRIPTION: Bettys Walk is a suburban-style subdivision in the heart of one of St. Louiss most distressed neighborhoods. The 46-acre site will contain between 56 to 93 new homes, priced between $78,500 and $95,500. The three home models range in size from 1,300 to 1,600 square feet, and all have three bedrooms and two-and-a-half baths. One- and two-car garages, fenced back yards, and landscaped lawns are also part of this development. The homes are all modular construction, with modules transported by flatbed and lifted onto foundations and onto first stories by crane. Low maintenance materials include vinyl siding and veneer brick fronts. First-time homebuyers are required to put down only 3%, with 2% of the down payment provided by the city. The state is providing a second mortgage program to cover 20 percent of the sales price to further subsidize the homes, while the Carpenters District Council Pension Fund has committed $50 million to secure the mortgages to the city.

PROJECT PARTICIPANTS: City of St. Louis, Hon. Freeman R. Bosley, Mayor, Hon. Mary Ross, Alderwoman; Mark Turken, SHIP Development Corp.; Robert Sansone, Building & Construction Trades Council; Larry Pericolosi, Contempri Homes (modular manufacturer); Harry Hilburg, Allegiant Mortgage; Terry Nelson, Carpenters Union; Terry Hall, Real Estate Network; Judy OBrien, Missouri Housing Development Commission; Janis Green, Magna Bank; Yvonne Sparks, Neighborhood Housing Services; St. Louis Community Development Agency; St. Louis Land Reutilization Agency.