Twin Lakes Project Photos
Twin Lakes Wesley (after)
Twin Lakes Wesley (before)
Twin Lakes of Leesville
Number of Units: 194
Total Development Cost: $23,422,133
Development Type: RAD / 4% LIHTC / Bonds
Development Partner: Leesville Housing Authority
Project Type: Family
Perm Debt: $3,465,000USDA-RD 538 Loan
Equity: $8,260,681 Enterprise Community Partners
Developer Fee: $912,866
HOME: $1,500,000 LHC
Seller Take Back: $5,955,000
Partner Loans: $3,328,586 Leesville Housing Authority
Total Sources: $23,422,133
Leesville Housing Authority, and its development partner BGC have completed construction of 194 units of affordable housing known as Twin Lakes of Leesville. This project allowed improvements to 72 one bedroom, 72 two bedroom, 40 three bedroom, and 10 four bedroom units of public housing, extending the useful life of all major systems and improving the quality of life for the residents of this affordable community. This transition was made possible through HUD’s Rental Assistance Demonstration Program (RAD). The project was completed in December 2017.
This project leveraged several unique sources. The utility savings after installing energy sufficient systems saved $66,000 a year; this was HUD’s first RAD PBV waiver approved in the country. This allowed additional debt to be leveraged. The City of Leesville forgave the PILOT payment for 20 years so that the project could refurbish the city-owned roads that ran throughout the project. The gas company assisted by installing new gas lines at their expense, which allowed the Housing Authority to eliminate the need for reading meters and by being a gas material provider.
The Housing Authority also had savings from purchasing and installing the appliances in house. There were additional savings from the Housing Authority through the support and services provided by volunteers who helped to landscape the project. This was a beautification day in which residents, youth groups, and other community members volunteered to help plant trees, shrubbery, and providing other landscaping assistance.
The renovation included replacing major building systems, windows, floors, lighting, cabinets, new roads, landscaping, new signage, interior and exterior painting, new gas lines and meters as well as updated electrical panels to units. Unit amenities including washers and dryers in units, ceiling fans, and digitally controlled heating and air. The office was torn down to make way for a modern office that has full handicapped accessibility and more functional spaces for meetings and client interviews.