East Carroll Parish Police Jury Section 8 Housing and BGC Advantage, LLC closed with plans to develop a new affordable low- income housing tax credit community, Lakeshore Family Homes, LP. Construction will begin on the 45-unit infill project located in East Carrol Parish at 1311 Sparrow St., Lake Providence soon.
This development serves to enhance the efforts of East Carroll Parish and the Town of Lake Providence to preserve affordable housing opportunities with the production of much needed new housing units.
“I am so glad to be a part of the new development that is going to be here in Lake Providence. The parish and city pulled together to help enhance our community. This was a way to bring new homes to our families here in Lake Providence. I am glad that we had the opportunity to help make this happen. Teamwork always makes the dream work!” said Jackie Folks, Executive Director East Carroll Parish Section 8 Housing.
Lakeshore Family Homes was awarded 9% tax credits in 2018 and additional credits were awarded in 2020 by the Louisiana Housing Corporation. The total development cost is expected to be $10,802,749 and will include outreach to minority and women contractors and Section 3 businesses and individuals. The development will contribute 170 construction jobs and three permanent jobs to the community.
“It is a great honor to be able to be part of providing new low-income housing for our community. The Lakeshore Family Homes will be a big asset. This is the first time in decades that a development has tried to bring homes here, and we finally worked together to get the job done. Thanks to everyone that played a part in making this happen,” said Kendall Thompson, police jury president.
The community features 1-, 2-, 3- and 4-bedroom affordable homes. These units will serve as replacement housing for blighted residential structures in the area. The Lakeshore Family Homes development will include community space whereby resident support services, including enhanced resident opportunities for self-sufficiency will be provided. The educational programs will be geared to help renters become homeowners.
” RBC Community Investments is proud to partner with BGC Advantage and the East Carroll Parish Police Jury Section 8 Housing. This project will be provided with $9 million of tax credit equity investment from RBC Community Investments and will be the second transaction they have completed with BGC Advantage to date. We look forward to its successful completion and lease up,” said David Urban, RBC Capital Markets
Other site and unit amenities include washers/ dryers and dishwashers in each unit, covered parking, playground, tennis court, computer center, exercise room, picnic area with permanent grills and a paved walking trail.
“As the pandemic pushes the need for affordable housing to a new crisis, we are honored to share the good news of hope and better housing with the community of Lake Providence,” said Holly Knight, BGC Advantage.
Other project partners include RBC Community Investments, East Carroll Development Corporation, Cedar Rapids Bank & Trust, Louisiana Housing Corporation. The General Contractor is River City Builders, Inc. The Architect is DNA Workshop. Property Management will be provided by M&T Property Management.
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