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