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