LAC Buys New Orleans Historic Affordable Community

Lincoln Avenue Communities has acquired Tivoli Place, a 163-unit fully affordable and age-restricted community in New Orleans, La. The owner will carry out an extensive rehabilitation using Historic Tax Credits, the company will invest more than $35 million for the renovation of the century-old building.

LAC will ensure the preservation of affordability at the senior housing community, both through the rehabilitation program and a 20-year renewal of the federally subsidized Housing Assistance Payment contract, which also covers the historic building.

Tivoli Place caters to seniors earning between 20 and 60 percent of the area median income. A total of 8 units are reserved for special needs households.

The recent recapitalization and rehabilitation of the property was financed through:

• Low Income Housing Tax Credit equity from Boston Financial syndicating to Capital One
• federal and state Historic Tax Credits, in partnership with JP Morgan Chase and Stonehenge
• tax-exempt bonds by the Louisiana Housing Corp.
• a HUD 221(d)4 loan serviced by Capital One
• an equity bridge loan from Huntington National Bank
• a PILOT agreement with Finance New Orleans
• solar tax credit equity syndicated by Boston Financial

This marks the company’s first rehabilitation using Historic Tax Credits, as well as its first within the state of Louisiana.

The building is at 1040 St. Charles Ave., within the Warehouse District, alongside other landmarks such as the former city hall, the world’s oldest continually operating streetcar line, the Mississippi River and Caesar’s Superdome. Tivoli Place is in an Opportunity Zone within the French Quarter. The community is near Route 90, which provides easy access across the New Orleans metropolitan area.

Preserving a historic building

Ebersoldt & Associates will serve as the main architect, with Langerman Construction as the general contractor.

Renovation plans call for the installation of new central heating and cooling, replacement of the old plumbing and raising the ceiling heights in each unit. The updated common-are amenities are set to include a fitness center, a media room, a library, a dining room, a health care exam room, bike storage and security upgrades.

The sustainability and resilience of the historic building will also be improved. LAC intends to install new fixtures to reduce the building’s water and power consumption, as well as rooftop solar panels and structured solar in the parking lots to offset electricity usage. 

After completing rehabilitation work, the community will also provide services including preventative health care screenings, exercise classes, mentoring programs, transportation, disability counseling and other social programs.