Lake Charles, LA — The Louisiana Housing Corporation (LHC) and CST Multifamily Real Estate Services opened the doors to a new 144-unit affordable housing community called The Reserve at Power Place.
The development has energy-efficient apartments with multi-style bedroom options for residents. The Reserve at Power Place will be available for families under a certain Area Median Income (AMI). Amenities at this development include a community clubhouse, a fitness center, a computer room, a pool and cabana, a dog park, a basketball court, and a playground.
"The Reserve at Power Place is an affordable housing development needed in Lake Charles," said LHC Executive Director Kevin Delahoussaye. "It will provide not just a place to sleep but a place to thrive. This development will provide residents a place where they can feel comfortable and prosper with its multitude of amenities included on the property."
Through the partnership of the Louisiana Office of Community Development, LHC awarded this project $19.5M in Community Development Block Grant (CDBG) funds from the PRIME-2 NOFA funding round in April 2023. Additional funding awards from LHC included $21M in Multifamily Revenue Bonds (MRB) and $1.7M in Low Income Housing Tax Credits (LIHTC).
“We are proud to help fund The Reserve at Power Place with a Community Development Block Grant-Disaster Recovery loan that will be used to provide 144 units of much-needed affordable housing that is resilient, energy-efficient and offers desirable amenities in Lake Charles,” Louisiana Office of Community Development-Disaster Recovery Executive Director Gina Campo said. “The city is well on the road to recovery after the devastation caused by Hurricanes Laura and Delta, but rental housing is still scarce. This project shows what we can accomplish when we work together to ensure that Louisiana’s recovery is safer, stronger and smarter than before.”
After the most recent storms plaguing the Lake Charles area, CST Multifamily Real Estate Services expanded its affordable housing portfolio to help the City of Lake Charles rebuild on the affordable housing front.
"This new modern apartment community is a vital resource to Lake Charles and Calcasieu Parish citizens, and our firm is deeply indebted to the Louisiana Housing Corporation and the Louisiana Office of Community Development for its commitment to investments in workforce housing as we all work to rebuild after the devastating storms," said Tom C. Delahaye, CEO, CST Multifamily Real Estate Services, a Louisiana-based multifamily development firm.
Collaborating partners of the project included the Architectural Studio, Block Builders LLC, and CST Multifamily Group, LLC
If you wish to learn more about the Reserve at Power Place, please click the link to its website.