LHC approves $20.8M for new Tangi developments
On Wednesday, the Louisiana Housing Corporation's (LHC) Board of Directors unanimously approved $20.8 million in Piggyback Resilient Mixed-Income (PRIME) funding for three projects in Tangipahoa Parish and another $8.5 million for a project in Livingston Parish.
The four developments are part of the LHC's $106 million funding initiative to address the needs of Louisiana's low-to-moderate income renters who were greatly affected by the March and August floods of 2016. 14 developments in six parishes were approved as part of Wednesday's meeting.
The three Tangipahoa Parish projects are:
*Mabry Place Townhomes, a 45 unit development that will cost an estimated $5.1 million;
*The Burrow, a 64 unit development that will cost an estimated $7.4 million; and
*Hammond Station Apartments, a 67 unit complex that will cost an estimated $8.3 million.
Specifics on the location for these projects and their developers were not immediately available.
Also approved in this package is an $8.5 million allocation for The Reserve at Juban Lakes. That project is described as a 132 unit development in Livingston Parish.
PRIME funding is utilized to develop resilient and sustainable multifamily properties in areas impacted by the floods and is made possible through LHC's partnership with the Louisiana Office of Community Development (OCD).
“The Louisiana Housing Corporation and Office of Community Development’s partnership is critical to the continued recovery of communities that were greatly affected by the 2016 floods,” said Governor John Bel Edwards. “While there is still more to do, today’s announcement solidifies our state’s commitment to providing affordable and resilient housing access to Louisiana families.”
PRIME is a community-driven plan focused on opportunities for residents and stakeholders to proactively adapt and prepare for anticipated environmental changes over the next 50 years. Developments awarded will incorporate high performance, energy efficiency, healthy living, and resource conservation practices.
"Many families across our state are still recovering from the devastating floods that occurred in 2016, said LHC Executive Director E. Keith Cunningham, Jr. "The approval and subsequent development of these properties will help revitalize the affected communities and address critical housing needs."
OCD initially committed $60 million in Community Development Block Grant (CDBG) funds. The amount was increased to $106 million after the overwhelming success of the Lafourche Resilience Project – a $6.7 million resilience housing development spearheaded by the OCD and Foundation for Louisiana’s LA SAFE initiative.
“The Great Floods of 2016 damaged or destroyed over 20,000 units of rental housing in a market that was already experiencing a critical shortage of affordable housing stock,” OCD Executive Director Pat Forbes said. “This partnership with LHC lets us begin to address that shortage in a way that helps our people be less vulnerable to future disasters.”
A distinctive feature of the developments is the inclusion of Louisiana’s Permanent Supportive Housing (PSH) Program and Enterprise Green Communities (EGC) standards. PSH is an evidence-based housing and support services initiative that combines permanent affordable rental housing with support services aimed at assisting vulnerable populations.
EGC is a national effort that incorporates healthy-living standards into the design, construction, and operation of new housing developments. All developments must achieve the EGC’s ‘Design for Resilience’ criteria that requires multi-hazard risk / vulnerability assessments, surface storm water management, flood proofing of lower floors, and access to safe drinking water and power during emergencies. Upon completion, each development will provide residents access to transportation, quality food, and other critical services that improve quality of life.
Parishes eligible for PRIME funding include Acadia, Ascension, East Baton Rouge, Lafayette, Livingston, Ouachita, St. Tammany, Tangipahoa, Vermilion, and Washington. Each of the six parishes that submitted applications during the PRIME Notice of Funding Availability was approved.
OCD’s CDBG funds will be leveraged with LHC's 4 percent Low-Income Housing Tax Credits upon final approval. All projects must be completed by March 31, 2022.