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HUD committee advances Prop NS updates that raise stabilization caps and tie funding to inflation
Summary
The St. Louis Board of Aldermen HUD Committee voted unanimously to advance board bill 87, amending the Prop NS stabilization program to set square-footage-based caps, tie those caps to the Consumer Price Index, and expand eligible interior stabilization work; the companion cooperation agreement (board bill 125) was advanced as well.
Alderman Aldridge presented board bill 87 to the HUD Committee and the panel voted 7–0 to advance the ordinance with an amendment that ties Prop NS stabilization caps to the Consumer Price Index and shifts caps from unit-type to square-footage categories.
The changes are meant to align Prop NS funding limits with current construction costs and to expand the scope of eligible interior work. "This bill changes how bonds are funded and how stabilized vacant units are treated," Alderman Aldridge said, describing three main changes: square-footage-based caps, CPI indexing to prevent reductions because of inflation, and expanded eligibility for interior demolition and water/sewer connection work.
Officials from the Land Reutilization Authority and St. Louis Development Corporation told the committee the program was created in 2017 and has been refined based on data and…
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