twin lakes of leesville
Key Dates
Closing Date: 9/1/2016
Construction Completion Date: 12/31/2017
NAHRO 2020 Award of Merit
Fomerly Campbell Loop
Formerly Wesley Lane
Formerly Logan Lane
Leesville Housing Authority
DETAILS:
Number of Units: 194
Total Development Cost: $21,972,887
Development Type: RAD / 4% LIHTC / Bonds
Development Partner:
Leesville Housing Authority
Project Type: Family
Construction Period Jobs: 233
Long-term Jobs Created/Maintained: 23
SOURCES:
Perm Debt: $3,465,000
Equity: $6,285,692
Developer Fee: $1,139,754
HOME: $1,500,000
Seller Take Back: $5,955,000
Partner Loans: $3,627,441
Total Sources: $21,972,887
*Sources, as of closing
PROJECT NARRATIVE:
Leesville Housing Authority and its development partner, Knight Development, have completed the construction of 194 units of affordable housing known as Twin Lakes of Leesville. This project allowed improvements to 72 one-bedroom, 72 two-bedroom, 40 three-bedroom, and 10 four-bedroom units of public housing, extending the useful life of all major systems and improving the quality of life for the residents of this affordable community. This transition was made possible through HUD’s Rental Assistance Demonstration Program (RAD).
This project leveraged several unique sources. The utility savings after installing energy sufficient systems saved $66,000 a year; this was HUD’s first RAD PBV waiver approved in the country.
The Twin Lakes has units on Campbell Loop, Wesley Lane, Logan Lane, and Westside.
PROJECT PARTNERS
Developer:
Knight Development
PHA Leesville Housing Authority
General Contractor:
River City Builders
Architect:
William J. Peek
Perm Debt:
Chase Bank
Equity Enterprise Community Foundation
Bond Trustee:
Stifel
Additional Partners:
Louisiana Housing Corp.
Rural Development
Center Point Energy
UNIT COUNTS (194 Total) & RENTAL RATES*
Twin Lakes of Leesville
1 Bedroom | Units: 72
Contract Rent: $460-$509
2 Bedroom | Units: 72
Contract Rent: $607-$661
3 Bedroom | Units: 40
Contract Rent: $748-$808
4 Bedroom | Units: 10
Contract Rent: $805
*Rents, as of closing
