576 Units in Baton Rouge, LA

Baton Rouge, LA
Status: Available
Price: TBD by Market
For more information please contact:
jeff@lihtcadvisors.com
In Cooperation with:

Larry G. Schedler, CCIM
Larry G. Schedler & Associates, Inc.
One Lakeway
3900 N Causeway Blvd., Suite 1200
Metairie, LA 70002
504-836-5222
larry@larryschedler.com
Licensed in LA, MS, AL

# of Units: 576

Highlights:

  • East Baton Rouge Parish FMR for Two, Three, & Four Bedroom Units has Increased by Over 29% Since 2015
  • Within Minutes of Shopping, Healthcare, Restaurants, Entertainment, Parks, Schools, and just 2.2 miles from the Baton Rouge Metro Airport
  • Baton Rouge is Home to Louisiana State University, Which has an Enrollment of Over 31,000
  • Portfolio Consists of Two Senior Properties and Two Family Properties, Which can be Purchased Together or Separately

Description:

Cypress Springs Apartments is a 144-unit affordable housing community for seniors, operating under multiple income and rent restrictions. These include LIHTC restrictions and a HAP contract. Located in the heart of Baton Rouge, the property is within blocks of public parks, shopping, major transportation arteries, Baton Rouge Metropolitan Airport, and other area amenities. The property was built in 2015 and is a recipient of HUD Section 8 project-based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of May 26, 2016 and provides assistance for 25 units. Within the contract, Section 2(a) states that the contract runs for an effective term of 30 years. Additionally, Cypress Springs was placed in service in 2016 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 118 units to be rented to income qualifying residents earning no more than 45% HOME, 50%, 50% HOME, and 60% of Area Medium Income (AMI) limits, which are provided by Louisiana Housing Finance Agency. The property is still within its initial tax credit compliance period.

Hooper Pointe Apartments is a 176-unit affordable housing community located in Baton Rouge, LA. Located in the heart of Baton Rouge, the property is within blocks of public parks, shopping, major transportation arteries, Baton Rouge Metropolitan Airport, and other area amenities. The property was built and placed into service in 2008 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by Louisiana Housing Finance Agency. The property is still within its initial tax credit compliance period.

Hooper Springs Apartments is a 48-unit affordable housing community for seniors located in Baton Rouge, LA. Located in the heart of Baton Rouge, the property is within blocks of public parks, shopping, major transportation arteries, Baton Rouge Metropolitan Airport, and other area amenities. The property was built and placed into service in 2011 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 30%, 45%, and 50% of Area Median Income (AMI) limits, which are provided by Louisiana Housing Finance Agency. The property is still within its initial tax credit compliance period.

Renaissance Gateway Apartments is a 208-unit affordable housing community operating under multiple income and rent restrictions. These include LIHTC restrictions and a HAP contract. Located in the heart of Baton Rouge, the property is within blocks of public parks, schools, shopping, Baton Rouge Community College, and other area amenities. Renaissance Gateway was built in 1972 and is a recipient of HUD Section 8 project-based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of August 1, 2016 and provides assistance for 129 units. Within the contract, Section 2(a) states that the contract runs for an effective term of 20 years. There is also a second HAP contract with an effective date of October 1, 2014 that covers 28 units for disabled families. Within the contract, Section 2(a) states that the contract runs for an effective term of 15 years. Additionally, Renaissance Gateway was rehabbed and placed into service in 2014 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Medium Income (AMI) limits, which are provided by Louisiana Housing Finance Agency. The property is still within its initial tax credit compliance period.

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