State Bond Commission OKs housing bonds

Published 9:44 am Tuesday, November 22, 2022

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With approval from the State Bond Commission (SBC) as of its meeting today, the Louisiana Housing Corporation (LHC) can secure multi-family mortgage bonds to fund the refurbishment and construction of housing in Caddo, Rapides, Ouachita, Tangipahoa and Orleans parishes.

“With the cost of living rising and the economy sinking, it’s going to become more and more difficult to provide affordable housing for those who truly are in need,” said Treasurer John M. Schroder, who chairs the SBC. “It is a win-win situation for the state when respectable housing is available to those who need it and jobs are made available to Louisiana citizens.”

These projects are expected to create approximately 200 temporary construction jobs and 13 new permanent jobs in their respective local economies.

During the meeting, Schroder added that he commends LHC Executive Director Joshua Hollins for bringing stability and a renewed focus on the housing needs of the state to the Housing Corporation.

Hollis, who has been in his role for seven months, said he has worked with staff to review how things are done internally, which has bolstered external efforts.

“We realize the vital role we play,” said Hollis. “Rising costs and higher interest rates will continue to make it even more important that the LHC achieve its goals.”

The SBC approved bonds that will fund the following projects:

  • Rehabilitation of 204 buildings located on two sites in Shreveport known as King Oaks and Rosenwald Subdivisions (not to exceed $10,250,000);
  • Rehabilitation of 196 buildings located on four sites in Alexandria known as River Bend Subdivision, Pin Oak Crossing, Silver Leaf Estates and Pecan Grove (not to exceed $10,000,000);
  • Rehabilitation of 156 buildings located on four sites in Monroe known as Byers Estates, Boeuf River Subdivision, Southern Pines and Hidden Hills (not to exceed $8,000,000);
  • Rehabilitation of a 56-unit low-income housing complex known as the Tangipahoa Homes Rental Subdivision, which was known as The Grove when constructed in 2008 (not to exceed $3,250,000); and
  • Construction of The Baronne Lofts, a 22-unit low-income housing facility in the Central City neighborhood of New Orleans, will focus on senior households (not to exceed $5,500,000).