Posted: Jan 31, 2012 7:28 AM
Source: Associated Press
LAFAYETTE - The Lafayette Public Trust Financing Authority has authorized actions needed to begin construction of its newest affordable housing development planned for downtown Lafayette.
Earlier this month, the public trust group approved its acquisition of the development and other downtown property from the project's original sponsor, the nonprofit organization Acadiana Outreach Center, for $1.13 million.
The purchase included nine AOC properties, as well as 100 percent membership in Joie de Vivre Development LLC.
A resolution approved Monday authorized the public trust to take out a $9 million construction loan and a loan of about $2.3 million for "long-term permanent financing" of the project.