Louisiana Housing Corporation Tackles Rent Stress with $129.5 Million in New Construction and Rehabilitation

December 1, 2015

Interim Executive Director Says Four of 17 Awarded Developments Located in Delta Region

BATON ROUGE, LA – December 01, 2015 – (RealEstateRama) — The Louisiana Housing Corporation (LHC) board of directors awarded $12.1 million in funding Wednesday to finance the construction and rehabilitation of 952 housing units of affordable housing. The $129.5 million in total development costs is powered by LHC’s issuance of $12.1 million in tax credits which generated $117 million in private funding. Of the 952 housing units that will be developed, 402 are newly constructed housing units and 550 are rehabilitated units.

“The 2014 Housing Needs Assessment revealed that 53 percent of renters in Louisiana are paying more than 30 percent of their income on housing. To tackle this rent stress crisis, we were able to expand affordable housing opportunities in six out of the eight major regions of the state with the tax credits awarded,” said LHC Interim Executive Director Michelle Thomas. “There were 26 applications for funding and there was tremendous diversity in the projects we were able to fund. In addition, more than half of the projects approved will serve rural parts of Louisiana, with 24 percent benefiting the previously underserved Delta region.”

The funding includes $9.7 million in tax credits and $2.4 million in tax credit assistance. This investment by the LHC will have an estimated statewide economic impact of $161.5 million* and will create 1,162 jobs within the first year. Thirteen Louisiana parishes will benefit with East Baton Rouge Parish and Orleans Parish gaining 100 and 110 units of affordable housing, respectively. Caddo Parish will be able to build or rehab 170 units, and Rapides Parish will gain 48 units. Approximately 55 percent of projects will be in rural parts of the state and 45 percent will be located in urban areas.

“We will be able to provide housing to those who desperately need it including the elderly, disabled, families with children, and homeless individuals,” said LHC Chairman Mayson Foster. “We also gave priority preference to veterans housing this year, and were pleased to be able to provide tax credits to developments that will provide 80 units of affordable housing to veterans.”

Total Units	Targeted Populations
362 units	Elderly and Disabled
219 units	Families with Children
100 units	Families with Children and Disabled
40 units	Veterans and Disabled
40 units	Veterans and Homeless
35 units	Disabled

The federal government allocates a certain number of LIHTCs each year to states, and the LHC awards them at least once a year through its Qualified Allocation Plan (QAP). The credits are attractive to developers of affordable housing, because projects can move forward that otherwise may have been too expensive to build. Investors who buy LIHTCs receive a dollar for dollar reduction on their federal income tax returns.

The complete list of approved projects is available here and is sorted in alphabetical order by parish.

Lee Crossing – Acadia Parish

Address: SW Corner of West Perridon Street and 8th Street Rayne, LA 70578
Project Type: New Construction
Buildings/Units: 24 Buildings, 46 Units
Targeted Population: Elderly and Disabled Households
Tax Credit Award: $744,000
Other Funding Sources: Community Trust Bank $770,000
Developer & Co-Developers
- Lee Crossing, ALPIC: James Freeman
- Standard Enterprises Inc.: 318-387-2662

Meadows at Arcadia – Bienville Parish

Address: 1210 Crawford Street Arcadia, LA 71001
Project Type: Acq./Rehab, New Construction and Preservation Priority Project
Buildings/Units: 31 Buildings, 78 Units
Targeted Population: Families with Children
Tax Credit Award: $749,435
Other Funding Sources: Community Trust Bank $1,166,934
Developer & Co-Developers
- Meadows at Arcadia, LP: Steve Perry
- NELA Properties, LLC: 318-281-1974

Wellington Square Senior Apts. – Caddo Parish

Address: 1812 Jewella Avenue Shreveport, LA 71109
Project Type: Acquisition/Rehabilitation and Preservation Priority Project
Buildings/Units: 3 Buildings, 170 Units
Targeted Population: Elderly Household and Disabled Households
Tax Credit Award: $750,000
Other Funding Sources: Citi Community Capital $5,800,000
Developer & Co-Developers
- GLTC Partners, LLC: Ricky Figueroa 805-495-8400

Elysian II – East Baton Rouge Parish

Address: 1100 Spanish Town Road Baton Rouge, LA 70802
Project Type: New Construction
Buildings/Units: 1 Buildings, 100 Units
Targeted Population: Families with Children and Disabled Households
Tax Credit Award: $553,236
Other Funding Sources: Bellwether Enterprise $7,335,551, E.B R. Redev. Auth. $800,000
Developer & Co-Developers
- GCHP-Elysian II, LLC
- GCHP-Elysian II GP, LLC: Victoria Welch Senna – 504-525-2505

Briarwood Estates at Bastrop – Morehouse Parish

Address: 1700 Highway 139 Bastrop, LA 71220
Project Type: New Construction
Buildings/Units: 42 Buildings, 41 Units
Targeted Population: Families with Children
Tax Credit Award: $664,605
Other Funding Sources: Community Trust Bank $827,820
Developer & Co-Developers
- Briarwood Estates at Bastrop, LP: Steve Perry
- NELA Properties, LLC: 318-281-1974

Morehouse Gardens II, Morehouse Parish

Address: 601 Pleasant Drive Bastrop, LA 71220
Project Type: Acquisition/Rehabilitation and Preservation Priority Project
Buildings/Units: 11 Buildings, 40 Units
Targeted Population: Families with Children
Tax Credit Award: $334,604
Other Funding Sources: Regions Bank $1,250,000
Developer & Co-Developers
- Morehouse Gardens II, LP: Jason Spellings
- Morehouse GP, LLC: 601-932-1674

Hopeville Apartments – Natchitoches Parish

Address: 312 2nd Street Natchitoches, LA 71457
Project Type: Acquisition/Rehabilitation
Buildings/Units: 5 Buildings, 40 Units
Targeted Population: Veterans and Homeless Households
Tax Credit Award: $421,000
Other Funding Sources: Alden Torch $425,000
Developer & Co-Developers
- Hopeville Partners, LP
- Hopeville Partners, LP: Verlyn Foley – 404-386-4608

1508 Orleans – Orleans Parish

Address: 1508 Orleans Avenue New Orleans, LA 70116
Project Type: Historic Rehabilitation and Preservation Priority Project
Buildings/Units: 1 Buildings, 36 Units
Targeted Population: Elderly and Disabled Households
Tax Credit Award: $701,233
TCAP Award: $1,200,000
Other Funding Sources: US Bank $575,000, Historic Credits $637,681
Developer & Co-Developers
- 1508 Orleans, LLC: Chris Clement
- HRI 1508 Orleans, LLC: 504-566-3055

1601 Orleans – Orleans Parish

Address: 1601 Orleans Avenue New Orleans, LA 70116
Project Type: Historic Rehabilitation and Preservation Priority Project
Buildings/Units: 1 Buildings, 34 Units
Targeted Population: Elderly and Disabled Households
Tax Credit Award: $687,025
TCAP Award: $1,200,000
Other Funding Sources: US Bank $400,000
Developer & Co-Developers
- 1601 Orleans, LLC: Chris Clement
- HRI 1601 Orleans, LLC: 504-566-3055

Bastion Phase II – Orleans Parish

Address: 1917 Mirabeau Ave. New Orleans, LA 70122
Project Type: New Construction
Buildings/Units: 21 Buildings, 40 Units
Targeted Population: Veterans and Disabled Households
Tax Credit Award: $263,425
Other Funding Sources: Capital One, N.A. $3,750,000
Developer & Co-Developers
- Bastion New Orleans Partners II, LLC: David Miller
- Bastion Community of Resilience: 504-237-2321

Riverdale Apartments – Pointe Coupee Parish

Address: Intersection of Cherry Street and Curet Street New Roads, LA 70760
Project Type: New Construction and Preservation Priority Project
Buildings/Units: 25 Buildings, 48 Units
Targeted Population Type: Families with Children
Tax Credit Award: $722,972
Other Funding Sources: Bank First Financial Services $1,450,000
Developer & Co-Developers
- False River Partners, LP: David Strange
- Flight 35, LLC: 601-932-1674

Pecan Ridge Phase II – Rapides Parish

Address: 1225 Bayou Marie Pineville, LA 71360
Project Type: New Construction
Buildings/Units: 25 Buildings, 48 Units
Targeted Population Type: Families with Children
Tax Credit Award: $725,521
Other Funding Sources: Bank First Financial Services $1,350,000
Developer & Co-Developers
- Wardville Partners, LP: David Strange
- Flight 34, LLC: 601-932-1674

Richland Apartments – Richland Parish

Address: 316 Russell Street Rayville, LA 71269
Project Type: Acquisition/Rehabilitation and Preservation Priority Project
Buildings/Units: 9 Buildings, 60 Units
Targeted Population: Families with Children
Tax Credit Award: $550,000
Other Funding Sources: Community Trust Bank $1,800,000
Developer & Co-Developers
- Richland Apartments 2015, LP: Kathy Gordon
- Standard Enterprises Inc.: 318-387-2662

Richland Community Centre II – Richland Parish

Address: 817 Louisa Street Rayville, LA 71269
Project Type: Acquisition/Rehabilitation and Preservation Priority Project
Buildings/Units: 7 Buildings, 35 Units
Targeted Population: Disabled Households
Tax Credit Award: $294,308
Other Funding Sources: USDA Rural Development Loan $1,250,000
Developer & Co-Developers
- Richland Affordable Housing, ALPIC, LP: Kerry Banks
- Affordable Housing Partners, LLC: 318-254-1229

Port Barre Manor Apartments – St. Landry Parish

Address: 234 Hazel Street Port Barre, LA 70577
Project Type: Acquisition/Rehabilitation and Preservation Priority Project
Buildings/Units: 6 Buildings, 31 Units
Targeted Population: Elderly and Disabled Households
Tax Credit Award: $223,577
Other Funding Sources: Sterling Bank $175,000 and USDA Rural Dev. $972,753
Developer & Co-Developers
- Port Barre Housing, LP
- CMS LA Housing, LLC: Herbert J. Peterson, III – 662-286-7992

Tangi Grove – Tangipahoa Parish

Address: SW Corner of the intersection of Highway 51 & Pleasant Grove Street, Amite City, LA 70422
Project Type: New Construction
Buildings/Units: 24 Buildings, 45 Units
Targeted Population: Elderly and Disabled Households
Tax Credit Award: $740,000
Other Funding Sources: Community Trust Bank $990,000
Developer & Co-Developers
- Tangi Grove, ALPIC: James Freeman
- Standard Enterprises Inc.: 318-387-2662

HY Bell Apartments – Winn Parish

Address: 305 22nd Street Winnfield, LA 71483
Project Type: Acq./Rehab., New Construction, and Preservation Priority Project
Buildings/Units: 10 Buildings, 60 Units
Targeted Population: Families with Children
Tax Credit Award: $619,062
Other Funding Sources: Churchill Mortgage Investments, LLC $1,250,000
Developer & Co-Developers
- Bell Memorial Apartments: Rhett Holmes
- Bell GP, LLC: 229-219-6762