Churchill Stateside Group closed a $11 Million Tax-Exempt Construction Loan to finance Canal Crossing, a 49-unit affordable adaptive re-use, LIHTC senior housing development located in New Orleans, Louisiana.
The project involves the adaptive re-use of a historic building, blending affordable housing development with architectural preservation in the heart of New Orleans. Once completed, the property will offer high-quality, income-restricted housing for seniors, addressing a critical need in a city that faces a shortage of affordable rental housing.
All 49 units at Canal Crossing will be income-restricted, serving a range of affordability levels:
- 3 units at 30% of Area Median Income (AMI)
- 8 units at 50% AMI
- 24 units at 60% AMI
- 14 units at 70% AMI
The financing was provided through Churchill Mortgage Construction LLC (“CMI”) utilizing its Private Tax-Exempt Construction Loan structure, a financing solution tailored to support complex affordable housing developments, particularly those involving low income housing and historic tax credits.
