Lakeshore Family Homes

Key Dates

Closing date: 10/30/2020
Construction completion date: 2/28/2021

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 1311 Sparrow 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

TESTIMONIAL