| Baton Rouge: Representatives from the U.S. Department of Housing and Urban Development, the Louisiana Recovery Authority, the Office of Community Development and the Louisiana Housing Finance Agency joined with state and local officials, and developers KBK Enterprises and B.W. Cooper Resident Management Corporation at the groundbreaking of a new mixed-income housing development at the former B.W. Cooper Public Housing project in New Orleans.
The groundbreaking kicks off Phase One of construction that will provide 410 rental units, a management office, business center, and child-care center at the 55-acre site in Central City. The site generally is bounded by Earhart Boulevard, South Claiborne Avenue, Martin Luther King Boulevard and South Dorgenois Street.
The last of the city's 'Big Four' housing projects to break ground after its demolition in the wake of Hurricane Katrina, the first phase of the B.W. Cooper Community represents a combined investment of more than $118 million, of which $40 million will be disaster recovery Community Development Block Grant funds.
The $40 million in CDBG money - drawn from a pool of federal disaster recovery funds administered by the LRA/OCD - will be "piggybacked" onto approximately $40 million in equity generated through the syndication of GO Zone Housing Tax Credits administered by the Louisiana Housing Finance Agency.
Paul Rainwater, LRA/OCD executive director said, "We lost more than 82,000 units, or 47 percent of the rental housing in the state, to hurricanes Katrina and Rita. In New Orleans alone, more than 44,000 rental units were damaged or destroyed. The redevelopment of the B.W. Cooper Community will help restore critically needed rental stock to citizens who have been deprived of affordable housing as a result of the storms."
Darrell Williams, B.W. Cooper Resident Management Corporation executive director said, "This is a historical event. Quality housing is essential to a strong neighborhood. Through this redevelopment initiative and others like this, Central City is on track to flourish as a community once again."
Ohio-based developer KBI Enterprises and its development partner B.W. Cooper Resident Management Corporation - who were selected by HUD and the Housing Authority of New Orleans - indicate that when both phases of construction are completed, the $225 million project will provide a total of 740 units of mixed-income housing, of which 660 units will be located on- site, with an additional 80 units located in the adjacent neighborhood. The unit breakdown will be one-third public housing units, one-third Go Zone tax credit units and one-third market rate units.
The design of the B.W. Cooper Community will be based on the Louisiana Speaks pattern book, using a combination of traditional architectural styles for doubles and multiplex buildings. The community will reconnect residents to essential supportive services by restoring the historical street grid that was erased when the original housing project was built.
Phase One will include 410 units that are pre-wired for Internet access, cable television and standard telephone service; a 4,300 square-ft management building/club house with business center that will offer a copier, fax machine and at least 17 computers with internet access; a 5,500 square-foot maintenance facility; a 7,900 square-foot child care center; and play areas designed for children of all ages.
Three of the other 'Big Four' housing projects already have broken ground: the former St. Bernard project, now called Columbia Parc at the Bayou District; the former C.J. Peete project, now called Harmony Oaks; and the former Lafitte project, now called Lafitte Community. Each of the three housing projects used $27 million in CDBG Piggyback funding.
Through a competitive process, the state's Piggyback program, which pairs CDBG funds with GO Zone Tax Credits to create mixed-income and affordable housing developments, has made awards to a total of 57 projects in the areas of the state most impacted by hurricanes Katrina and Rita, amounting to more than $580 million in CDBG gap financing.
So far, 14 Piggyback developments have been completed, representing 2,093 rental units, 983 of which will offer affordable rents. Sixteen more developments are under construction. In total, the Piggyback program will create 8,185 rental units to help replace housing stock lost in the storms. Nearly 7,000 units, or more than 80 percent, will be built in the New Orleans metro area.
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