Gulf Coast Housing, Mid City Opens $7.1M Affordable Townhomes Project
By Eliza Theiss, Associate Editor
The Louisiana Housing Corp. (LHC) recently celebrated the grand opening of the Belt Line Townhomes affordable housing project.
Located along Gayosa Street in Baton Rouge, across from developer Gulf Coast Housing Partnership’s North Street site, the 32-unit project comprises two- and three-bedroom townhomes in a 50-50 percent makeup. Four units are set aside as designated permanent supportive housing.
The project also includes an abandoned 9,000-square-foot warehouse, which was redeveloped into a community center opened for residents as well as the entire mid-city community.
Developed and owned by the Gulf Coast Housing Partnership, in partnership with Mid City Redevelopment Alliance the project cost $7.1 million. It benefited from a $1.4 million investment from the Office of Community Development’s Disaster Recovery Unit. The Unit is a part of the state’s Affordable Rental program, created in the wake of the destruction caused by hurricanes Gustav and Ike.
“This kind of development helps families with lower or modest incomes find safe and sustainable homes that they can afford, while also restoring some of the state’s lost rental stock. The addition of Permanent Supportive Housing units will help renters who need extra assistance to live independently in the community,” said LHC Executive Director Fredrick Tombar III.
In other affordable housing news, the 102-unit Palmer-Northway Apartments in North Baton Rouge is set to undergo a $4.3 million rehabilitation and upgrade, which will reconfigure the development into 92 units of superior quality. According to the Greater Baton Rouge Business Report further work will include a 4,000-square-foot expansion, the addition of an 80-foot privacy fence and gate and the installation of up to 40 security cameras.
Renamed Choctaw Lodge, the project will serve as affordable housing administered through the Louisiana Housing Corp. The project is helmed by Ruston, La.-based Our Plan B Inc. which handled similar projects throughout Louisiana. While renovations will cost $4.3 million, the entire acquisition and rehab will hit the $7.5 million mark, $2.5 million of which will be covered by tax credits and an additional $3 million will be covered via grants. Following its summer 2015 completion, Choctaw Lodge is expected to help reduce crime in the area.
Image via Gulf Coast Housing PartnershipTags: Acquisitions/Dispositions, affordable housing, Architecture/Design, Baton Rouge Lead Story, Belt Line Townhomes, blight reduction, Brokers, Choctaw Lodge, Developers, Development, disaster mitigation, economy, Finance/Investment, Financiers, grant funding, Gulf Coast Housing Partnership, Investors, Local, Louisiana Housing Corporation, Maintenance, Managers, Mid City Redevelopment Alliance, National, Our Plan B Inc., Palmer-Northway Apartments, permanent supportive housing, Policy, property management, redevelopment, Regional, tax credits