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LHC and OCD Award $33 Million to Improve Housing in Flood-Impacted Parishes

Published on June 13, 2018 by Louisiana Housing Corporation
LHC and OCD Award $33 Million to Improve Housing in Flood-Impacted Parishes

Approximately 825 working families will benefit from housing investment

BATON ROUGE, LA — Today the Louisiana Housing Corporation (LHC) Board of Directors awarded $30.4 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds to address long-term housing needs in parishes impacted by the 2016 floods. Funding will be used to construct or rehabilitate seven multifamily rental properties. The properties are projected to benefit 825 individuals and families across the state.

“Louisiana is still recovering from the devastation caused by the historic floods of 2016,” said LHC Executive Director Keith Cunningham, Jr. “By partnering with the Office of Community Development, we are able to improve the living conditions and lives of working families, seniors, veterans and people with special needs. While this funding will only create a fraction of housing that’s needed, it is another step toward increasing and enhancing Louisiana’s affordable housing stock.”

The Restore Louisiana Piggyback Program is one of several initiatives launched by the LHC and Office of Community Development to help revitalize communities devastated by the floods.

“The Great Floods of 2016 damaged more than 28,000 rental units, intensifying an already serious housing crunch for our low-to-moderate income households,” Office of Community Development Executive Director Pat Forbes said. “Louisiana’s resilient recovery depends on strengthening every aspect of our communities, including affordable rental housing. Combining CDBG funds with $37.2 million in Low Income Housing Tax Credits will provide critically needed energy-efficient affordable housing for our hard-pressed low-to-moderate income families. This program replicates the successful piggyback funding model used by the state to build affordable rental housing after hurricanes Katrina, Rita, Gustav and Ike.”

LHC and OCD have awarded funds to:  

Valencia Park of Spanish Town, Baton Rouge

  • Target Population: Veterans
  • Total Development Cost: $21,006,594

CDBG –DR Funds: $5,723,931

  • 122 Units

Cypress at Gardere Affordable Senior Housing, Baton Rouge 

  • Target Population: Seniors
  • Total Development Cost: $18,565,353

CDBG –DR Funds: $3,845,000

  • 99 Units

Sherwood Oaks, Baton Rouge

  • Target Population: Special Needs
  • Total Development Cost: $27,689,328

CDBG –DR Funds: $5,989,634

  • 248 Units

Progress Park, Baton Rouge

  • Target Population: Seniors
  • Total Development Cost: $5,537,226

CDBG –DR Funds: $2,638,736

  • 48 Units

Cypress Pointe RAD, Bogalusa

  • Target Population: Family
  • Total Development Cost: $14,868,818

CDBG –DR Funds: $4,579,878

  • 112 Units

Hammond Eastside, Hammond

  • Target Population: Veterans
  • Total Development Cost: $4,904,059

CDBG –DR Funds: $3,090,829

  • 28 Units

Ardenwood Mixed-Income MF Apartments, Baton Rouge 

  • Target Population: Family
  • Total Development Cost: $26,420,079

CDBG –DR Funds: $4,570,309

  • 168 Units

In partnership with the OCD, nearly $140 million has been made available to rehabilitate rental housing in flood-impacted communities.

About Louisiana Housing Corporation The Louisiana Housing Corporation was created by Act 408 of the 2011 Louisiana Legislative Session. The Corporation administers federal and state funds through programs designed to advance the development of safe, energy-efficient and affordable housing for low-to-moderate income families.

Media Contact:
Na’Tisha Natt, Director of Public Affairs
nnatt@lhc.la.gov
225-763-8720

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