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The project includes the rehabilitation of the historic Melba Theatre on South Grand, which multiple private developers have tried to take on in the past.
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The BorrowSmart Access program offers up to $3,000 to help with the down payment or closing costs on a mortgage for first-time Black and Latino homebuyers.
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An Affordable Housing Trust Fund Coalition report found that St. Louis and St. Louis County failed to provide Black renters, households and low-income families with affordable housing.