Louisiana Housing Corporation Board of Directors has approved the allocation of Multi-family Housing Revenue Bonds up to $11.5 million for the construction of Highland Place Townhomes in Monroe. LHC administers federal and state funds to enable every resident to be able to obtain housing.
This new residential complex will consist of 70 units and will be located on the westside of Highland Street at the intersection with Honeysuckle Street. The primary purpose of this development is to provide housing options for families with limited incomes, offering units at various affordability levels based on Area Median Income (AMI), including 20%, 40%, 60%, and 80% AMI. All units will be subject to Low Income Housing Tax Credit (LIHTC) restrictions.
The Multi-family Mortgage Revenue Bond Program utilizes tax-exempt bonds to offer developers below-market-rate loans, on the condition that a specific percentage of the apartment units are reserved for low-income families. These bonds are further leveraged by 10-year 4 percent tax credits.