Board Approves $97.4 Million in Bonds to Increase Affordable Rental Units Across Louisiana
The Louisiana Housing Corporation (LHC)‘s Board of Directors approved the issuance of $97.4 million in Multifamily Mortgage Revenue Bonds to create 984 affordable rental units across Louisiana.
The developments represent a mix of new construction and preservation developments that aim to assist working families, households with children, seniors, and people with disabilities.
The following properties were approved for bond issuance:
- Lake Forest Manor – Orleans Parish
$22 Million, 200 units
- Morningside at Juban Lakes – Livingston Parish
$14 Million, 120 units
- The Reveal – Orleans Parish
$25 Million, 150 units
- Stone Vista Apartments II – Caddo Parish
$15 Million, 152 units
- Pine Hill Estates II – Caddo Parish
$9 Million, 110 units
- Neil Wagner & Henderson Apartments – Winn Parish
$7.5 Million, 118 units
- Elysian III – East Baton Rouge Parish
$4.4 Million, 42 units
- Cypress Pointe – Washington Parish
$500,000, 112 units
The Multifamily Mortgage Revenue Bond program uses both taxable and tax-exempt bonds to provide below market-rate loans to non-profit and for-profit developers who set aside a certain percentage of their apartment units for low income families. The program requires that at least 20 percent of the units be set aside for households earning at or below 50 percent of the area median income (AMI).
For more information, visit lhc.la.gov.