Forest Park
Affordable Housing in New Orleans, Louisiana
Forest Park, a 284-unit community in Algiers, Louisiana, is a multifamily property rebuilt after major damage was sustained during Hurricane Katrina. It is a nineteen-building complex that includes 42 one-bedroom units, 160 two-bedroom units, and 72 three-bedroom units.
Total Cost
| $20,709,238 |
Description
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 or 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.
Financing
Secured financing and funding or this project included:
| $11,122,349 | 9% LIHTC’s |
|---|---|
| $5,450,000 | Bank of America Conventional Loan |
| $2,150,123 | Seller Financing |
| $1,000,000 | Ford Foundation |
| $486,765 | Deferred Developer Fee |
| $450,000 | Louisiana Disaster Recovery Foundation |
| $50,000 | The NHP Foundation |
| $38,630 | Hard Cost Per Unit |