Louisiana Housing Corporation Tackles Rent Stress with $129.5 Million in New Construction and Rehabilitation

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By RealEstateRama -

Interim Executive Director Says Four of 17 Awarded Developments Located in Delta Region

BATON ROUGE, LA – December 01, 2015 – (RealEstateRama) — The Louisiana Housing Corporation (LHC) board of directors awarded $12.1 million in funding Wednesday to finance the construction and rehabilitation of 952 housing units of affordable housing. The $129.5 million in total development costs is powered by LHC’s issuance of $12.1 million in tax credits which generated $117 million in private funding. Of the 952 housing units that will be developed, 402 are newly constructed housing units and 550 are rehabilitated units.

“The 2014 Housing Needs Assessment revealed that 53 percent of renters in Louisiana are paying more than 30 percent of their income on housing.  To tackle this rent stress crisis, we were able to expand affordable housing opportunities in six out of the eight major regions of the state with the tax credits awarded,” said LHC Interim Executive Director Michelle Thomas. “There were 26 applications for funding and there was tremendous diversity in the projects we were able to fund. In addition, more than half of the projects approved will serve rural parts of Louisiana, with 24 percent benefiting the previously underserved Delta region.”

The funding includes $9.7 million in tax credits and $2.4 million in tax credit assistance. This investment by the LHC will have an estimated statewide economic impact of $161.5 million* and will create 1,162 jobs within the first year. Thirteen Louisiana parishes will benefit with East Baton Rouge Parish and Orleans Parish gaining 100 and 110 units of affordable housing, respectively. Caddo Parish will be able to build or rehab 170 units, and Rapides Parish will gain 48 units. Approximately 55 percent of projects will be in rural parts of the state and 45 percent will be located in urban areas.

“We will be able to provide housing to those who desperately need it including the elderly, disabled, families with children, and homeless individuals,” said LHC Chairman Mayson Foster. “We also gave priority preference to veterans housing this year, and were pleased to be able to provide tax credits to developments that will provide 80 units of affordable housing to veterans.”

Total Units

Targeted Populations
362 units Elderly and Disabled
219 units Families with Children
100 units Families with Children and Disabled
40 units Veterans and Disabled
40 units Veterans and Homeless
35 units Disabled

 

The federal government allocates a certain number of LIHTCs each year to states, and the LHC awards them at least once a year through its Qualified Allocation Plan (QAP).  The credits are attractive to developers of affordable housing, because projects can move forward that otherwise may have been too expensive to build. Investors who buy LIHTCs receive a dollar for dollar reduction on their federal income tax returns.

The complete list of approved projects is available here and is sorted in alphabetical order by parish.

Lee Crossing – Acadia Parish

  • Address:  SW Corner of West Perridon Street and 8th Street Rayne, LA 70578
  • Project Type:  New Construction
  • Buildings/Units: 24 Buildings, 46 Units
  • Targeted Population: Elderly and Disabled Households
  • Tax Credit Award:  $744,000
  • Other Funding Sources: Community Trust Bank $770,000
  • Developer & Co-Developers
    • Lee Crossing, ALPIC:  James Freeman
    • Standard Enterprises Inc.:  318-387-2662

Meadows at Arcadia – Bienville Parish

  • Address:  1210 Crawford Street Arcadia, LA 71001
  • Project Type:  Acq./Rehab, New Construction and Preservation Priority Project
  • Buildings/Units: 31 Buildings, 78 Units
  • Targeted Population: Families with Children
  • Tax Credit Award:  $749,435
  • Other Funding Sources:  Community Trust Bank $1,166,934
  • Developer & Co-Developers
    • Meadows at Arcadia, LP:  Steve Perry
    • NELA Properties, LLC:  318-281-1974

Wellington Square Senior Apts. – Caddo Parish

  • Address:  1812 Jewella Avenue Shreveport, LA 71109
  • Project Type:  Acquisition/Rehabilitation and Preservation Priority Project
  • Buildings/Units: 3 Buildings, 170 Units
  • Targeted Population: Elderly Household and Disabled Households
  • Tax Credit Award:  $750,000
  • Other Funding Sources:  Citi Community Capital $5,800,000
  • Developer & Co-Developers
    • GLTC Partners, LLC:  Ricky Figueroa 805-495-8400

Elysian II – East Baton Rouge Parish

  • Address:  1100 Spanish Town Road Baton Rouge, LA 70802
  • Project Type:  New Construction
  • Buildings/Units: 1 Buildings, 100 Units
  • Targeted Population: Families with Children and Disabled Households
  • Tax Credit Award:  $553,236
  • Other Funding Sources: Bellwether Enterprise $7,335,551, E.B R. Redev. Auth. $800,000
  • Developer & Co-Developers
    • GCHP-Elysian II, LLC
    • GCHP-Elysian II GP, LLC:  Victoria Welch Senna – 504-525-2505

Briarwood Estates at Bastrop – Morehouse Parish

  • Address:  1700 Highway 139 Bastrop, LA 71220
  • Project Type:  New Construction
  • Buildings/Units: 42 Buildings, 41 Units
  • Targeted Population: Families with Children
  • Tax Credit Award:  $664,605
  • Other Funding Sources: Community Trust Bank $827,820
  • Developer & Co-Developers
    • Briarwood Estates at Bastrop, LP:  Steve Perry
    • NELA Properties, LLC:  318-281-1974

Morehouse Gardens II, Morehouse Parish

  • Address:  601 Pleasant Drive Bastrop, LA 71220
  • Project Type:  Acquisition/Rehabilitation and Preservation Priority Project
  • Buildings/Units: 11 Buildings, 40 Units
  • Targeted Population: Families with Children
  • Tax Credit Award:  $334,604
  • Other Funding Sources:  Regions Bank $1,250,000
  • Developer & Co-Developers
    • Morehouse Gardens II, LP:  Jason Spellings
    • Morehouse GP, LLC:  601-932-1674

Hopeville Apartments – Natchitoches Parish

  • Address:  312 2nd Street Natchitoches, LA 71457
  • Project Type:  Acquisition/Rehabilitation
  • Buildings/Units: 5 Buildings, 40 Units
  • Targeted Population: Veterans and Homeless Households
  • Tax Credit Award:  $421,000
  • Other Funding Sources:  Alden Torch $425,000
  • Developer & Co-Developers
    • Hopeville Partners, LP
    • Hopeville Partners, LP:  Verlyn Foley – 404-386-4608

1508 Orleans – Orleans Parish

  • Address:  1508 Orleans Avenue New Orleans, LA 70116
  • Project Type:  Historic Rehabilitation and Preservation Priority Project
  • Buildings/Units: 1 Buildings, 36 Units
  • Targeted Population: Elderly and Disabled Households
  • Tax Credit Award:  $701,233
  • TCAP Award:  $1,200,000
  • Other Funding Sources: US Bank $575,000, Historic Credits $637,681
  • Developer & Co-Developers
    • 1508 Orleans, LLC:  Chris Clement
    • HRI 1508 Orleans, LLC:  504-566-3055

1601 Orleans – Orleans Parish

  • Address:  1601 Orleans Avenue New Orleans, LA 70116
  • Project Type:  Historic Rehabilitation and Preservation Priority Project
  • Buildings/Units: 1 Buildings, 34 Units
  • Targeted Population: Elderly and Disabled Households
  • Tax Credit Award: $687,025
  • TCAP Award:  $1,200,000
  • Other Funding Sources: US Bank $400,000
  • Developer & Co-Developers
    • 1601 Orleans, LLC:  Chris Clement
    • HRI 1601 Orleans, LLC:  504-566-3055

Bastion Phase II – Orleans Parish

  • Address:  1917 Mirabeau Ave. New Orleans, LA 70122
  • Project Type:  New Construction
  • Buildings/Units: 21 Buildings, 40 Units
  • Targeted Population: Veterans and Disabled Households
  • Tax Credit Award:  $263,425
  • Other Funding Sources: Capital One, N.A. $3,750,000
  • Developer & Co-Developers
    • Bastion New Orleans Partners II, LLC:  David Miller
    • Bastion Community of Resilience:  504-237-2321

Riverdale Apartments – Pointe Coupee Parish

  • Address:  Intersection of Cherry Street and Curet Street New Roads, LA 70760
  • Project Type:  New Construction and Preservation Priority Project
  • Buildings/Units: 25 Buildings, 48 Units
  • Targeted Population Type: Families with Children
  • Tax Credit Award:  $722,972
  • Other Funding Sources:  Bank First Financial Services $1,450,000
  • Developer & Co-Developers
    • False River Partners, LP:  David Strange
    • Flight 35, LLC:  601-932-1674

Pecan Ridge Phase II – Rapides Parish

  • Address:  1225 Bayou Marie Pineville, LA 71360
  • Project Type:  New Construction
  • Buildings/Units: 25 Buildings, 48 Units
  • Targeted Population Type:  Families with Children
  • Tax Credit Award:  $725,521
  • Other Funding Sources:  Bank First Financial Services $1,350,000
  • Developer & Co-Developers
    • Wardville Partners, LP:  David Strange
    • Flight 34, LLC:  601-932-1674

Richland Apartments – Richland Parish

  • Address:  316 Russell Street Rayville, LA 71269
  • Project Type:  Acquisition/Rehabilitation and Preservation Priority Project
  • Buildings/Units: 9 Buildings, 60 Units
  • Targeted Population: Families with Children
  • Tax Credit Award:  $550,000
  • Other Funding Sources:  Community Trust Bank $1,800,000
  • Developer & Co-Developers
    • Richland Apartments 2015, LP:  Kathy Gordon
    • Standard Enterprises Inc.:  318-387-2662

Richland Community Centre II – Richland Parish

  • Address:  817 Louisa Street Rayville, LA 71269
  • Project Type:  Acquisition/Rehabilitation and Preservation Priority Project
  • Buildings/Units: 7 Buildings, 35 Units
  • Targeted Population: Disabled Households
  • Tax Credit Award:  $294,308
  • Other Funding Sources:  USDA Rural Development Loan $1,250,000
  • Developer & Co-Developers
    • Richland Affordable Housing, ALPIC, LP:  Kerry Banks
    • Affordable Housing Partners, LLC:  318-254-1229

Port Barre Manor Apartments – St. Landry Parish

  • Address:  234 Hazel Street Port Barre, LA 70577
  • Project Type:  Acquisition/Rehabilitation and Preservation Priority Project
  • Buildings/Units: 6 Buildings, 31 Units
  • Targeted Population: Elderly and Disabled Households
  • Tax Credit Award:  $223,577
  • Other Funding Sources:  Sterling Bank $175,000 and USDA Rural Dev. $972,753
  • Developer & Co-Developers
    • Port Barre Housing, LP
    • CMS LA Housing, LLC:  Herbert J. Peterson, III – 662-286-7992

Tangi Grove – Tangipahoa Parish

  • Address:  SW Corner of the intersection of Highway 51 & Pleasant Grove Street, Amite City, LA 70422
  • Project Type:  New Construction
  • Buildings/Units: 24 Buildings, 45 Units
  • Targeted Population: Elderly and Disabled Households
  • Tax Credit Award:  $740,000
  • Other Funding Sources:  Community Trust Bank $990,000
  • Developer & Co-Developers
    • Tangi Grove, ALPIC:  James Freeman
    • Standard Enterprises Inc.: 318-387-2662

HY Bell Apartments – Winn Parish

  • Address:  305 22nd Street Winnfield, LA 71483
  • Project Type:  Acq./Rehab., New Construction, and Preservation Priority Project
  • Buildings/Units: 10 Buildings, 60 Units
  • Targeted Population: Families with Children
  • Tax Credit Award:  $619,062
  • Other Funding Sources:  Churchill Mortgage Investments, LLC $1,250,000
  • Developer & Co-Developers
    • Bell Memorial Apartments:  Rhett Holmes
    • Bell GP, LLC:  229-219-6762

 

 

 

* This impact is realized locally through the increase in employment income, collection of local taxes and fees.