LHC Board Approves $2.9 Million of Additional Volume Cap for Multifamily Rental Properties
LHC’s Board of Directors approved $2.9 million of additional volume cap to develop 132 affordable rental units in two Louisiana parishes at their monthly board meeting, June 9.
The multi-million dollar investment represents a combination of LHC’s Low-Income Housing Tax Credits (LIHTC) and Multi-family Revenue Bonds (MRBs).
The approved developments represent a mix of new construction and preservation projects 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 additional volume cap:
- Lee Hardware & United Jewelers Apartments – Caddo Parish
$13.9 Million ($9.4M MRB; $4.5M LIHTC), 109 units
- Lafitte 2017 LLC – Orleans Parish
$11.8 Million ($7.3M MRB; $4.5M LIHTC), 23 units