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

[Westley Annis]

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.

http://www.phoenixrg.com/

Westley

-----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
 
 
 
 
http://www.scribd.com/doc/16263816/ParcPlaceAberdeenCourtApplication1   
 
 
 
----SJK