[StBernard] A Low-Income Housing Battle Reveals Post-Katrina Tensions

Westley Annis Westley at da-parish.com
Sun Oct 4 10:47:53 EDT 2009

It seems Provident is simply the "developer". Once these trash apartments
are built, they will be sold to Phoenix Realty Group, a Real Estate
Investment Trust based out of New York.



-----Original Message-----
Along with a little over $1 million in tax credits per development,
Providence will also receive a CDBG MI Gap Financing Amount of $4.9 MILLION
for each of the four developments (NEARLY $20 MILLION).

Average Monthly Rent income per Providence's LHFA application is just over
$50,000 per month per development. A very poor scanned copy of application
at link below. Not certain if the Louisiana LLC's have registered with the
Secty of State yet; revealing who would receive the profits.

Rental Income per LHFA application based on

16 - 1 Bedroom Units (750 sq ft) at FMR $836 and TER $588;
32- 2 Bedroom Units (950 sq ft) at FMR $978 and TER $706.50;
24 - 3 Bedroom Units (1,145 sq ft) at FMR $1,256 and TER $816



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