Royal Cambridge Homes
Number of Units: 384
Total Development Cost: $50,045,984
Development Type: RAD / 4% LIHTC / HOME Funds
Mt. Pleasant Community Development Corporation, Inc.
Alexandria Housing Authority
Project Type: Rehabilitation / New Construction
1st Mortgage: $22,140,000
Developer Fee: $2,454,017
Seller Take Back: $8,116,400
Partner Loans: $500,000
Total Sources: $50,045,984
The Alexandria Housing Authority is transitioning from public housing to affordable housing using HUD’s Rental Assistance Demonstration (RAD) program. The housing authority is partnering with a CHDO, Mount Pleasant Community Development Corporation, Inc., to sponsor HOME development funds and assist with the transition in addition to a partnership with BGC consulting developers. The project will include three sites located in Alexandria, LA. Two sites will have Project-Based Vouchers.
The rehabilitation at East and West Sycamore will include energy upgrades to HVAC, water conservation methods, new appliances, bathroom renovations, doors, windows, new lighting throughout, kitchen rehabilitation, and exterior and interior paint. Additionally, all new appliances and updated flooring will be installed. The Legacy site, which was built in 2009, will have light renovations focused on adding washer and dryers to the units to increase marketability. There will be a new construction site within feet of the Cambridge Place site on Loblolly Lane. The new construction will include energy efficient units with amenities for families. All building systems and appliances will be energy star rated.
This project will serve to help transform properties that are in aging and declining low-income neighborhoods. This project will provide for the development of established scattered sites that will offer enhancement of the surrounding infill homes and single-family streets with homeowners. The rehab of these sites fits within other family structures in the neighborhood.