twin lakes of leesville

Key Dates

Closing Date:  9/1/2016
Construction Completion Date: 12/31/2017

NAHRO 2020 Award of Merit

Fomerly Campbell Loop

Formerly Wesley Lane

Formerly Logan Lane

Leesville Housing Authority

DETAILS:

Number of Units: 194
Total Development Cost: $21,972,887
Development Type: RAD / 4% LIHTC / Bonds
Development Partner:
Leesville Housing Authority
Project Type: Family
Construction Period Jobs: 233
Long-term Jobs Created/Maintained: 23

SOURCES:

Perm Debt: $3,465,000
Equity: $6,285,692
Developer Fee: $1,139,754
HOME: $1,500,000
Seller Take Back: $5,955,000
Partner Loans: $3,627,441

Total Sources: $21,972,887

*Sources, as of closing

PROJECT NARRATIVE:

Leesville Housing Authority and its development partner, Knight Development, have completed the 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).

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.

The Twin Lakes has units on Campbell Loop, Wesley Lane, Logan Lane, and Westside.

PROJECT PARTNERS

Developer:
BGC Advantage                 
PHA Leesville Housing Authority

General Contractor:
River City Builders

Architect:
William J. Peek

Perm Debt:
Chase Bank
Equity Enterprise Community Foundation

Bond Trustee:
Stifel

Additional Partners:
Louisiana Housing Corp.
Rural Development
Center Point Energy

UNIT COUNTS (194 Total) & RENTAL RATES*

Twin Lakes of Leesville

1 Bedroom  |  Units: 72
Contract Rent: $460-$509

2 Bedroom  |  Units: 72
Contract Rent: $607-$661

3 Bedroom  |  Units: 40
Contract Rent: $748-$808

4 Bedroom  |  Units: 10
Contract Rent: $805

*Rents, as of closing