Housing project receives $250,000 development grant

The project to transform Schultz School into apartments for low-income senior citizens and the disabled received a boost Tuesday with a $250,000 Community Development Block Grant.

The grant is tied to Cape Girardeau's participation in the Downtown Revitalization and Economic Assistance for Missouri, or DREAM, Initiative. Gov. Matt Blunt named Cape Girardeau one of the first DREAM cities in 2006.

The Cape Girardeau School District is days away from closing on the sale of Schultz School to developer Chad Hartle of Jackson, who plans to create 45 apartments. There will be 21 one-bedroom units, with rent ranging from $285 to $380 per month and 24 two-bedroom apartments, which will rent for $365 to $485 per month.

In December, Hartle was awarded $600,000 in state and federal tax credits annually for 10 years to help finance the renovation of the school building.

The building, which was the first public high school in Cape Girardeau, is was most recently used to house the district's alternative education program. The district is in the final stages of cleaning out the building and the closing date is set for Aug. 1, said Neil Glass, director of administrative services for the district.