Lakeshore Family Homes
Key Dates
Closing date: 10/30/2020
Construction completion date: 4/14/2022
New Construction Townhomes
Clubhouse and Amenities
DETAILS:
Number of Units: 45
Total Development Cost: $10,991,710
Development Type: 9% LIHTC
Project Type: Family
Construction Period Jobs: 170
Long-term Jobs Created/Maintained: 3
SOURCES:
Perm Debt: $1,440,000
Equity: $9,055,815
Developer Equity: $495,895
Total Sources: $10,991,710*
*Sources, as of closing
PROJECT NARRATIVE:
Lakeshore Family Homes, LP is a 45-unit in-fill new construction project located in
East Carroll Parish at 1230 Davis Street, Lake Providence, Louisiana. This project is a subsidized redevelopment effort between East Carroll Parish Section 8 Public Housing Agency and BGC Advantage, LLC. This project 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 local housing units. 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.
Amenities & Upgrades may include:
- Washers, Dryers, Dishwashers
- Covered Parking
- Playground
- Tennis Court
- Computer Center
- Walking Trail
- Exercise Center
- Picnic area with permanent grills
PROJECT PARTNERS
Developer
Knight Development
PHA
East Carroll Parish
Police Jury Section 8
Architect
DNA Workshop
General Contractor
River City Builders, Inc.
Management Company
M&T Property Management
Financial Partners
RBC Community Investments
East Carroll Development Corp.
Cedar Rapids Bank & Trust
Louisiana Housing Corp.
UNIT COUNTS & RENTAL RATES (45 Units)
Lakeshore Family Homes
Tax Credit Rental Rates
1 BR – 3 Units – $525
2 BR – 1 Units – $550
3 BR – 6 Units – $650
4 BR – 8 Units – $750
PBV Rental Rates
2 BR – 13 Units – $650
3 BR – 14 Units – $725
*Rents, as of closing
Groundbreaking – December 3, 2020
Ribbon Cutting – March 21, 2022
