bayou gardens
Key Dates
Closing date: 12/30/2019
Construction completion date: 12/22/2020
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
