Hunt Capital Partners announced it has closed $6.4 million in Low Income Housing Tax Credit equity and $2.4 million in state and federal Historic Tax Credit equity for the construction of 48 multifamily housing units in a new building plus 18 additional units in the adaptive reuse of a historic building in Monroe, LA, which dates back to 1929.
Hunt said the historic three-story Miller Roy Building near downtown Monroe will have two studio apartments and 16 one-bedrooms and 3,851 square feet of commercial space on the first floor, while the newly constructed Bayou Savoy Building will have four stories with a total of 48 two-bedroom units. There will be a wide range of incomes eligible for units, from 20 percent of Area Median Income up to 80 percent (14 units will be in the workforce housing range). With the use of income averaging, average AMI has been kept below the 60 percent LIHTC threshold at 58.64 percent. Project-based rental assistance will be provided for the 24 of the 66 LIHTC units, and four of them will provide permanent supportive housing for homeless individuals.
“I am pleased this deal will preserve a building with such a diverse history of fostering successful businesses, professionals and entertainers,” noted Hunt Capital Partners Executive Managing Director Dana Mayo. “These included a pharmacy, a barber shop, a newspaper and offices for dentists, doctors and others. In addition, the Miller Roy Building provided a home, through its Savoy Ball Room, for great entertainers, such as Duke Ellington, Billie Holiday, Louis Armstrong, Otis Redding and many more.”
