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.”
|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|