LHC Board Approves $245 Million to Develop Multifamily Rental Properties
LHC’s Board of Directors approved $245 million to develop 769 affordable rental units across five Louisiana parishes.
This multi-million dollar investment represents a combination of LHC’s Low-Income Housing Tax Credits (LIHTC) and Multi-family Revenue Bonds (MRBs) and Community Development Block Grant (CDBG) funds administered by the State of Louisiana, Office of Community Development.
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 bond issuance:
- RNDC Baton Rouge – East Baton Rouge Parish
$34 Million ($16M MRB; $9M LIHTC; $9M CDBG), 110 units*
The following projects received final approval:
- Miller Roy Building – Ouachita Parish
$19.2 Million ($8M MRB; 4.2M LIHTC; $7M CDBG), 66 units
- Sandal Family Apartments – Ouachita Parish
$19.3 Million ($8M MRB; 5.6M LIHTC; $5.7M CDBG), 64 units
- Chef Menteur Apartments – Orleans Parish
$13.9 Million ($10M MRB and 3.9M LIHTC), 42 units
- The Burrow – Tangipahoa Parish
$22.8 Million ($9.5M MRB; 5.9M LIHTC; $7.4M CDBG), 64 units
- West Park Apartments – Lafayette Parish
$35 Million ($15M MRB; 10M LIHTC; $10M CDBG), 120 units
- Lafayette Bottle Art Lofts Phase II – Lafayette Parish
$21 Million ($8.2M MRB; 5.6M LIHTC; $7.2M CDBG), 65 units
- Hammond Station Apartments – Tangipahoa Parish
$21.7 Million ($8.2M MRB; 5.7M LIHTC; $7.8M CDBG), 67 units
- Byers Estates V – Ouachita Parish
$15 Million ($6M MRB; 4.2M LIHTC; $4.8M CDBG), 42 units
- Mabry Place Townhomes – Tangipahoa Parish
$16.4 Million ($6.5M MRB; 4.8M LIHTC; $5.1M CDBG), 45 units
- Arbours at Lafayette – Lafayette Parish
$26.9 Million ($11.5M MRB; 7.4M LIHTC; $8M CDBG), 84 units
*Resolution to increase principal amount