Baton Rouge, LA —Today, the Louisiana Housing Corporation (LHC) celebrated the grand opening of a new development for working families, senior citizens, and those with disabilities alongside local, state, and federal partners. Motor City Apartments is a four-story apartment complex with 110 units, which qualify as Low Income Housing Tax Credit (LIHTC) through income averaging, which provides housing for a mix of households earning up to 80% median income. "Many families still struggle to find safe and affordable housing in today's housing industry. LHC works with developers and other organizations to eliminate those housing barriers, to provide Louisiana families with a stable home environment," says LHC's Executive Director Joshua G. Hollins.
Motor City was constructed with resilient standards, certified by FORTIFIED Multi-family Gold and FORTIFIED Multi-family Hurricane Gold, meaning the structure can withstand the most powerful storms. Residents can choose from multiple one or two-bedroom floor plans and will have access to many recreational resources, including a bike storage space, a swimming pool, a fitness center, and a community room. One of the most appealing qualities of Motor City is its location. The historic Baton Rouge Mid-City neighborhood provides access to various resources for residents, is located minutes away from I-110, giving them a prime transportation route to restaurants, shopping centers, recreational areas, and other forms of entertainment.
An ultimate goal is to provide affordable housing close to downtown Baton Rouge. To qualify, residents must make less than 80% of the median household income in the area. "Utilizing income averaging, Motor City creates affordable units for moderate-income residents who would not otherwise qualify for assistance and the same for lower-income residents. Motor City serves a broader range of families in need of affordable housing. Motor City provides the type of housing which will help East Baton Rouge Parish retain much-needed teachers, first responders, nurses, and other essential workers as residents," explains Vanessa Levine, the executive director of the Renaissance Neighborhood Development Corporation, the developer behind this project.
LHC awarded $16 million in Multifamily Revenue Bonds (MRB), over $9 million in Community Development Block Grant (CDBG), and an estimated over $9 million in LIHTC Equity. The LIHTC Program is a tax incentive intended to increase the availability of low-income rental housing. The LIHTC is to subsidize 30% or 70% of the costs in a low-income unit rental project. The 30% subsidy, commonly called the "automatic 4% tax credit," is for new construction that includes additional subsidies or uses the acquisition cost of existing buildings.
Holden Chenevert Architects did Motor City's architecture. Builder and contractor performed by Milton. J. Womack, Inc. The City of Baton Rouge, Baton Rouge ReBuilds Developer Program Funds, and Regions Bank participated in the financing for the project. "An essential part of LHC is collaboration, and getting some of these projects done requires several partners to come to the table. Motor City is a perfect example of that, and we hope to collaborate on more projects like this to help as many families as we can throughout Louisiana," adds Hollins.
For more information, visit: Motor City Baton Rouge.
Interested residents can call: (225) 465-2691 TTY: 711