the NHP Foundation Preserves
Affordable Housing in LOUISIANA
Affordable Housing for
, a 284-unit community in Algiers, Louisiana is a multi-family property re-built after major damage was inflicted on it from Hurricane Katrina. It is a nineteen-building complex that includes 42 one-bedroom units, 160 two-bedroom units and 72 three-bedroom units.
All units—100% of the households served—are at or below 60% AMI. The property underwent major rehabilitation between 2007 and 2008, including resting and remediation for mold, repair of all hurricane damage, replacement of all roofs, installation of new kitchens, new flooring, and energy-efficient appliances and windows, together with complete upgrading of all electrical systems and plumbing infrastructure.
Secured financing and funding for this project included:
- $ 11,122,3499% LIHTC’s
- $ 5,450,00Bank of America Conventional Loan
- $ 2,150,123Seller Financing
- $ 1,000,000Ford Foundation
- $ 486,765Deferred Developer Fee
- $ 450,000Louisiana Disaster Recovery Foundation
- $ 50,000The NHP Foundation
- $ 38,630Hard Cost Per Unit
diverse income and rent structure provides housing for a range of households from low to moderate income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.
Forest Park Apartments
is just one example of how NHPF’s
commitment to affordable housing has helped
American families. For more information on NHPF's properties, please visit http://nhpfoundation.org/properties.php