Alfred E. Harrell, III
LHC’s Board of Directors has approved a resolution of intention to not exceed over $22,500,000 in Multifamily Housing Revenue Bonds (MRB) for the substantial rehabilitation of the Ridgefield Apartments located in Marrero.
This apartment complex will feature a total of 200 multi-family rental housing community units, which will include 56 one-bedroom units, 96 two-bedroom units, and 48 three-bedroom units. Rental assistance will be provided through the HUD Project-Based Section 8 program and Low Income Housing Tax Credit (LIHTC).
"Over the past year, LHC has secured funding for over 1,352 units for multifamily housing," says LHC Executive Director Joshua Hollins. "It is our intent to revitalize communities and increase affordable housing opportunities across our state. By doing this, we are able to help more families find a safe environment where they can prosper."
LHC’s Board of Directors has approved a resolution of intention to not exceed over $30 million in MRB for a new construction for the Arbours at Lafayette Phase II and Arbours at Acadiana. Both of these developments will have units that are energy efficient and will be built using resilient construction materials. Each complex will include one, two and three-bedroom units.
Both, the Arbours at Lafayette Phase II and the Arbours at Acadiana will be gated communities consisting of a total of 180 units.
LHC’s Board of Directors approved a resolution of intention to not exceed over $13.9 million involving the Arbour projects in Lake Charles. Both project developers will utilize funding from MRB and 4% LIHTC funds.
Arbours at Lake Charles will be a new construction, gated community, featuring 96 units designed for family community living. Residents will have options to choose from a one, two, and three-bedroom units. The units will also be energy efficient and will be built with resilient construction materials.
Arbours at Bordeaux will feature 76 units styled for family community living and will include various bedroom options, along with units set aside for those disabled.
LHC Board of Directors authorized the issuance of not exceeding $80 million of Louisiana Housing Corporation Single Family Mortgage Revenue Bonds in one or more tax-exempt or taxable series or subseries. Single Family Mortgage Revenue Bonds are designed to help prospective homebuyers meet down payment and closing costs on their new home.
To Learn more about Mortgage Revenue Bonds, click here.
LHC Board of Directors approved the 2024 Qualified Allocation Plan (QAP) Awards. The QAP outlines the state's housing priorities and creates the rules by which (LIHTC) applications are scored. Developers across Louisiana submit competitive applications in an effort qualify for tax credits based on their proposed document.
The QAP provides information on the calendar year program, including minimum project requirements, competitive criteria, and underwriting criteria. The amount of credits to which a project is eligible is based on the amount of qualified development costs incurred and the percentage of low-income units within the development. Each qualified tax credit development must include a minimum percentage of units to be set aside for eligible low-income tenants. These set-aside units must also be rent restricted. The development must involve new construction or substantial rehabilitation of existing units occupied by eligible individuals and families.
