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Officials approve use of $27.1 million to create low-income rental units in Baton Rouge

11 months 6 days 16 hours ago Thursday, February 13 2020 Feb 13, 2020 February 13, 2020 5:56 AM February 13, 2020 in News
Source: WBRZ
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BATON ROUGE - The Louisiana Housing Corporation, a government agency tasked with guaranteeing that low-income Louisiana residents have access to safe and affordable housing, has approved the use of $27.1 million to create 232 affordable rental units in Baton Rouge and Lafayette. 

The dwellings will be a mix of new construction and homes specifically designed to assist working families, households with children, seniors, and people with disabilities. 

The money will go to the following properties:

- Cypress at Gardere Affordable Senior Housing in East Baton Rouge Parish

- Elysian III in East Baton Rouge Parish

- Villas of Lafayette in Lafayette Parish

- Lafayette Bottle Art Lofts in Lafayette Parish 

This housing effort is called The Multifamily Mortgage Revenue Bond program and it uses tax-exempt bonds to provide below-market-rate loans to developers who set aside a certain percentage of their apartment units for low-income families.

The program requires that at least 20% of the units be set aside for low-income households.

Click here for additional information related to The Louisiana Housing Corporation. 

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