Approximately 825 working families will benefit from housing investment
BATON ROUGE— Today the Louisiana Housing Corporation (LHC) Board of Directors awarded $30.4 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds to address long-term housing needs in parishes impacted by the 2016 floods. Funding will be used to construct or rehabilitate seven multifamily rental properties. The properties are projected to benefit 825 individuals and families across the state.
“Louisiana is still recovering from the devastation caused by the historic floods of 2016,” said LHC Executive Director Keith Cunningham, Jr. “By partnering with the Office of Community Development, we are able to improve the living conditions and lives of working families, seniors, veterans and people with special needs. While this funding will only create a fraction of housing that’s needed, it is another step toward increasing and enhancing Louisiana’s affordable housing stock.”
The Restore Louisiana Piggyback Program is one of several initiatives launched by the LHC and Office of Community Development to help revitalize communities devastated by the floods.
“The Great Floods of 2016 damaged more than 28,000 rental units, intensifying an already serious housing crunch for our low-to-moderate income households,” Office of Community Development Executive Director Pat Forbes said. “Louisiana’s resilient recovery depends on strengthening every aspect of our communities, including affordable rental housing. Combining CDBG funds with $37.2 million in Low Income Housing Tax Credits will provide critically needed energy-efficient affordable housing for our hard-pressed low-to-moderate income families. This program replicates the successful piggyback funding model used by the state to build affordable rental housing after hurricanes Katrina, Rita, Gustav and Ike.”
LHC and OCD have awarded funds to:
Valencia Park of Spanish Town, Baton Rouge
• Target Population: Veterans
• Total Development Cost: $21,006,594
CDBG –DR Funds: $5,723,931
• 122 Units
Cypress at Gardere Affordable Senior Housing, Baton Rouge
• Target Population: Seniors
• Total Development Cost: $18,565,353
CDBG –DR Funds: $3,845,000
• 99 Units
Sherwood Oaks, Baton Rouge
• Target Population: Special Needs
• Total Development Cost: $27,689,328
CDBG –DR Funds: $5,989,634
• 248 Units
Progress Park, Baton Rouge
• Target Population: Seniors
• Total Development Cost: $5,537,226
CDBG –DR Funds: $2,638,736
• 48 Units
Cypress Pointe RAD, Bogalusa
• Target Population: Family
• Total Development Cost: $14,868,818
CDBG –DR Funds: $4,579,878
• 112 Units
Hammond Eastside, Hammond
• Target Population: Veterans
• Total Development Cost: $4,904,059
CDBG –DR Funds: $3,090,829
• 28 Units
Ardenwood Mixed-Income MF Apartments, Baton Rouge
• Target Population: Family
• Total Development Cost: $26,420,079
CDBG –DR Funds: $4,570,309
• 168 Units
In partnership with the OCD, nearly $140 million has been made available to rehabilitate rental housing in flood-impacted communities.
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About Louisiana Housing Corporation
The Louisiana Housing Corporation was created by Act 408 of the 2011 Louisiana Legislative Session. The Corporation administers federal and state funds through programs designed to advance the development of safe, energy-efficient and affordable housing for low-to-moderate income families.
