Harmony Garden Estates Project Photos
Harmony Garden Estates
Number of Units: 172
Total Development Cost: $23,576,245
Development Type: 4% LIHTC / BONDS / HOME FUNDS
Development Partner: Mt. Pleasant Community Development Corporation, Inc., Alexandria Housing Authority, BGC
Project Type: Family
Perm Debt: $5,375,000 Highland Mortgage FHA D(4)
Equity: $6,854,842 CREA
Developer Fee: $345,858
HOME: $2,000,000 LHC
Seller Take Back: $8,050,000 PHA
Partner Loans: $510,000 Alexandria Housing Authority
Total Sources: $23,576,245
Alexandria Housing Authority is transforming from public housing to affordable housing using HUD’s Rental Assistance Demonstration (RAD) program, partnered with a CHDO, Mount Pleasant CDC to sponsor HOME development funds and provided assistance with the transition in addition to a partnership with BGC. The project includes 3 sites located within Alexandria, LA. The project will be serving to transform properties that are aging and declining low-income neighborhoods. The sites are in residential areas. The rehab of these sites fits within other family structures, enhancing surrounding in fill homes and single-family streets with home owners. The sites will have 100% Project Based Vouchers upon completing the rehab project. The rehabilitation includes energy upgrades to HVAC, water conservation methods, bathroom renovations, doors, windows, new lighting throughout and kitchen rehabilitation. All new appliances and flooring will also be installed. Porches will be added as well as other exterior renovations.
This project was completed November 2019.