LHC Board Approves $210 Million to Develop Multifamily Rental Properties

Louisiana Housing Corporation Board of Directors Meeting Recap

LHC’s Board of Directors approved $210 million to develop 731 affordable rental units across four Louisiana parishes.

This investment represents a combination of LHC’s Low-Income Housing Tax Credits (LIHTC) and Mortgage Revenue Bonds (MRBs).

The approved developments represent a mix of new construction projects that aim to assist working families, households with children, seniors, and people with disabilities.

The Multifamily Mortgage Revenue Bond program uses tax-exempt bonds to provide below-market-rate loans to developers who set aside a certain percentage of their apartment units for low-income families. The bonds are leveraged with private equity from 10-year 4 percent Low-Income Housing Tax Credits (LIHTC).

The LHC Board approved the following projects for final approval of bond sale:

• Bayou D’Arbonne Retirement Village – Ouachita Parish
  $10M MRB, $6.3M LIHTC, 76 units
• Cypress at Ardendale Phase I – East Baton Rouge Parish
  $42M MRB, $3.1 LIHTC, 170 units
• Cypress Court – Tangipahoa Parish
  $7.5M MRB, $4.6M LIHTC, 55 units
• Federal City – Building 10 – Orleans Parish
  $18M MRB, $5.8M LIHTC, 70 units

The LHC Board approved the following project for new construction:

• The Reserve at Joor Place – East Baton Rouge Parish  
  $74M MRB, $41M LIHTC, 360 units