St. Louis Equity Fund Affordable Housing Project Receives Historic Preservation Award

Online, March 8, 2011 (Newswire.com) - The St. Louis Equity Fund announced that one of its projects, the Railton Residence in downtown St. Louis, received a 2011 Missouri Preservation Award . The award was presented March 2 in Jefferson City by The Missouri Alliance for Historic Preservation, a non-profit organization dedicated to promoting historic preservation activities in Missouri.

The St. Louis Equity Fund and PNC Bank partnered with the Salvation Army in a complete, $14 million rehabilitation of the historic building, which has been owned by the Army for more than 50 years. The renovated Railton Residence re-opened in November 2009 and offers affordable work force housing with former single room units transformed into 104 one and two-bedroom apartments featuring kitchens. The building is limited to residents earning 60 percent or less of the area median income.

The Railton Residence was recognized with a "Preserve Missouri" award at the March 2 ceremony. The renovation preserved the key features of the Renaissance Revival building and removed non-historic fabric to expose long-hidden architectural details in the public spaces. It originally opened in 1928 as the Robert E. Lee Hotel.

About St. Louis Equity Fund
The St. Louis Equity Fund stimulates the development of affordable, low and moderate-income housing units throughout the St. Louis region with corporate investors by effectively utilizing available tax incentives. "We are thrilled to be involved in the Railton and for the Missouri Preservation Honor Award it received," said St. Louis Equity Fund President & CEO John J. Wuest.

Since its inception, St. Louis Equity Fund has invested in 120 developments and more than 3,700 housing units. The total amount invested is over $260 million.

For more information on the St. Louis Equity Fund, visit the organization's website at www.slefi.com.