bayou gardens

Key Dates

Closing date: 12/30/2019
Construction completion date: 12/22/2020

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Formerly Phoenix Pointe

Formerly Wonderwood

Playground

Alexandria Housing Authority

DETAILS:

Number of Units: 64
Total Development Cost: $13,108,655
Development Type: 9% LIHTC
Development Partner:
Alexandria Housing Authority
Project Type: Family
Construction Period Jobs: 155
Long-term Jobs Created/Maintained: 5

SOURCES:

First Mortgage: $1,571,282
Seller Take Back: $2,690,000
Cash Flow from Operations: $149,473
Deferred Developer Fee: $210,428
LIHTC Equity: $8,212,472

Total Sources: $13,108,655*

*Sources, as of closing

PROJECT NARRATIVE:

Bayou Gardens RAD, LP is a 64-unit acquisition/rehabilitation project located
in Rapides Parish on two separate sites (4219 Phoenix Drive and 3221 Wonderwood Drive in Alexandria, LA). This project is a Rental Assistance Demonstration program redevelopment effort that transformed former public housing into affordable housing developments that serve a broader spectrum of the affordable housing population. Project-Based Vouchers are available for 100% of the units.

The development includes enhanced community space which allows community services designed to increase resident opportunities for self-sufficiency. Educational programs are geared to help renters become homeowners.

Amenities & Upgrades may include:

  • New flooring, doors & lighting
  • SMART home features:
    switches, outlets, door locks
  • Neighborhood play area
  • Enhanced community space
  • Energy efficient appliances

PROJECT PARTNERS

Developer: Knight Development

PHA: Alexandria Housing Authority

Architect: DNA Workshop

General Contractor: River City Builders

Property Management: Standard Enterprises

Financial Partners:
National Equity Fund, Inc.
Rapides Finance Authority
Cedar Rapids Bank & Trust
Louisiana Housing Corporation

UNIT COUNTS (64 Total) & RENTAL RATES*

Bayou gardens - 29 Units

2 Bedroom  |  Units: 18
Contract Rent: $647

3 Bedroom  |  Units: 8
Contract Rent: $849

4 Bedroom  |  Units: 2
Contract Rent: $990

5 Bedroom. |  Units: 1
Contract Rent: $1135

WOOD HAVEN - 35 Units

2 Bedroom  |  Units: 22
Contract Rent: $647

3 Bedroom  |  Units: 10
Contract Rent: $849

4 Bedroom  |  Units: 2
Contract Rent: $990

5 Bedroom. |  Units: 1
Contract Rent: $1135

*Rents, as of closing

DEVELOPMENT NEWS: