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.
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.