Arbour Valley Communities is pleased to announce a Community Development Block Grant (CDBG) award of $7.9 million from Louisiana Housing Corporation for Arbours at Lafayette, an 84-unit family development in Lafayette, Louisiana. The award is part of a $106 million Piggyback Resilient Mixed-Income (PRIME) funding, which addresses the needs of Louisiana’s low-to-moderate income renters affected by the floods of 2016. CDBG funds will be leveraged with 4% Low Income Housing Tax Credits and an FHA mortgage.
Arbours at Lafayette will be co-developed by Arbour Valley Development, LLC and Bearing Point Properties. “We are thrilled to receive this allocation,” said Gabe Ehrenstein, Principal of Arbour Valley Communities. “The award will allow us to develop much needed housing stock to help an area still recovering from the devastating floods of 2016.”
The development of one, two and three bedroom units will serve tenants earning 20-80% of Area Median Income. Arbours at Lafayette will incorporate high performing and energy efficient building design and materials and will highlight healthy living and resource conservation practices. Amenities will include a swimming pool, playground, computer and business centers, and a fitness facility.