Access the latest Washington Report: Read More

LHC Board Approves $187 Million to Develop Multifamily Rental Properties

Published on July 13, 2020 by Louisiana Housing Corporation
LHC Board Approves $187 Million to Develop Multifamily Rental Properties

LHC’s Board of Directors approved $187 million to develop 1,081 affordable rental units across six Louisiana parishes at their monthly board meeting, July 8.

This multi-million dollar investment represents a combination of LHC’s Low-Income Housing Tax Credits (LIHTC) and Multi-family Revenue Bonds (MRBs) and the Office of Community Development’s Community Development Block Grants (CDBG).

Projects represent a mix of new construction and preservation developments that aim to assist working families, households with children, seniors, and people with disabilities.

The Multi-family Mortgage Revenue Bond program uses tax-exempt bonds to provide below market-rate loans to developers who set aside a certain percentage of their apartment units for low income families. The bonds are leveraged with 10-year 4 percent Low-Income Housing Tax Credits (LIHTC).

The following properties were approved for bond issuance:

  • Lotus Village – East Baton Rouge Parish
    $19.5 Million ($12.1M MRB and $7.45M LIHTC), 116 units
  • Miller Roy Building – Ouachita Parish
    $12.2 Million ($8M MRB and $4.2M LIHTC), 66 units
  • Sandal Family Apartments – Ouachita Parish
    $13.6 Million ($8M MRB and $5.66M LIHTC), 64 units
  • The Reserve at Juban Lakes – Livingston Parish
    $20.7 Million ($14M MRB and $6.75M LIHTC), 132 units
  • The¬†Lemann Building – Ascension Parish
    $12.4 Million ($8M MRB and $4.45M LIHTC), 42 units
  • The Burrow – Tangipahoa Parish
    $15.4 Million (9.5M MRB and $5.9M LIHTC), 64 units

The following projects received final approval:

  • Cypress at Gardere Affordable Senior Housing – East Baton Rouge Parish
    $16.2 Million MRB ($12.4M MRB and $3.8M CDBG), 99 units
  • Valencia Park of Spanish Town – East Baton Rouge Parish
    $18 Million ($12M MRB and $6M CDBG), 122 units
  • Sherwood Oaks – East Baton Rouge Parish
    $41 Million (35M MRB and $5.9M CDBG), 272 units
  • Moss & Simcoe – Lafayette Parish
    $18.8 Million ($14.5M MRB and $4.3M CDBG), 104 units