Construction to start for low income housing

At last word, there were two thousand people on the waiting list for Section 8 Housing in the Lake Charles area.  As well, the difficulties for residents when Crestwood Trailer Park recently closed, show what a challenge it can be to find safe, affordable housing in the Lake Area.

Seventy two of 92 units at Booker T. Washington at 1901 Mill Street are to be torn down, though they will be replaced.  In all 102 new units are being built at three locations which will provide an increase of 30 new residences

Today the Lake Charles Housing Authority is holding a ground breaking fo two new communities: Kingsley Court, at 2331 Cline Street and Bayou Bluff at 2228 Old Highway 171.

Bayou Bluff and Kingsley Court are being constructed on two parcels of previously vacant housing authority owned property. The planned development will offer two, three and four bedroom units with energy efficient appliances and lighting. The property will also offer dishwashers, washers and dryers in each unit, garbage disposals, ceramic tile, and a community center. 16% of all units will be fully accessible to people with disabilities and compliant with U.S. Department of Housing and Urban Development (HUD) 504 regulations.

When completed, the combined projects will consist of 54 single family units. Each residential unit will be reserved for residents whose incomes fall below 60% of the Area Median Income (AMI) for the Lake Charles area. The project is scheduled to open for occupancy in fall 2012.

"Today, we break ground on the site of former vacant land that will be transformed to a vibrant, attractive residential community." said Lake Charles Housing Authority Executive Director S. Ben Taylor. "Bayou Bluff and Kingsley Court demonstrate the housing authority's ongoing commitment to build quality affordable housing that residents regardless of income would enjoy."

Bayou Bluff and Kingsley Court are being developed in collaboration with Lake Charles Non Profit Housing Development Corporation and Centerpointe Regional Housing Development. Bayou Bluff and Kingsley Court are the first phase of a large scale, multi-year initiative to replace aging and deteriorating public housing in the City of Lake Charles.

"We are once again pleased to partner with the Lake Charles Housing Authority in this important effort to develop much-needed affordable housing. We congratulate our partners from Capital One, Hudson Housing Capital, HUD, and the housing authority for making this public-private partnership such a huge success," said Art Schuldt, managing partner of Centerpointe Regional Housing Development.

HUD's Section 901 program, through the Lake Charles Housing Authority, will provide development funding assistance to support the 54-unit development. Additionally, HUD, through the Lake Charles Housing Authority, will provide operating financial support through public housing operating subsidy and Project Based Section 8 voucher programs.

On the private sector funding side, Capital One Bank is providing construction financing and is also providing equity generated through the purchase of low-income housing tax credits. Hudson Housing Capital partnered with Capital One Bank as syndicator for the project. The Louisiana Housing Finance Agency awarded both projects Low Income Housing Tax Credit allocations in December 2010.

"At Capital One Bank, we recognize the tremendous impact that developments like this can have on the local community," said Greg Webb, Capital One Bank's Lake Charles Market President. "We are proud to partner with the Lake Charles Housing Authority and its nonprofit subsidiary Lake Charles Non Profit Housing Development Corporation to bring this worthwhile housing development to fruition."

The total cost of the two affordable housing developments is $14.4 million. Funding sources include $10,622,938 of tax credit equity provided by Capital One Bank through Hudson Housing Capital and $3,780,471 of Section 901 funds provided by HUD.