Pine Trace I

Leasing Office

1015 Union Avenue, Bogalusa, LA 70427
985-205-7337

Fomerly Pine Trace Homes

DETAILS:

Number of Units: 92
Total Development Cost: $13,170,563
Development Type: 4% LIHTC / Bonds / HOME Funds
Development Partner: Bogalusa Housing Authority
Project Type: Rehabilitation / New Construction
Construction Jobs: 202
Permanent Jobs: 5

SOURCES:

1st Mortgage: $3,431,900
Home (LHC): $1,000,000
PHA Cash Loan: $1,300,000
Seller Note: $2,525,000
Accrued Interest: $301,446
Developer Equity: $520,050
Equity: $4,092,167

Total Sources: $13,170,563

PROJECT NARRATIVE:

The Bogalusa Housing Authority has transitioned from public housing to
affordable housing using HUD’s Rental Assistance Demonstration (RAD)
program for a portion of its properties. The housing authority partnered
with Magic City Housing and Development Corporation to sponsor HOME
development funds and assist with the transition in addition to a partnership
with BGC Advantage, LLC, the master developer.
The project includes three sites (one AMP) located within Bogalusa, LA.
The sites will consist of 100% Project Based Vouchers upon completion. In
addition to the building and system upgrades all new appliances and updated
flooring were installed.

Amenities & Upgrades:

  • Energy upgrade to HVAC
  • Water conservation methods
  • Bathroom renovations
  • Doors, windows, new lighting throughout
  • Kitchen rehabilitation
  • Energy efficient appliances
  • Updated flooring

PROJECT PARTNERS

Developer BGC Advantage
PHA Bogalusa Housing Authority
Architect DNA Workshop
General Contractor B.A.S. Construction
Management Company Standard Enterprises
Equity Redstone
Debt Bellwether Enterprise
Bond Placement Stifel

UNIT COUNTS & RENTAL RATES (92 Total)

uNION pOINTE - 92 Units

1 Bedroom. |  Units: 16
Contract Rent: $400

2 Bedroom  |  Units: 36
Contract Rent: $523

3 Bedroom  |  Units: 30
Contract Rent: $641

4 Bedroom  |  Units: 10
Contract Rent: $788