LIIF Provides $8.9 Million in Acquisition Loans to Spur Development of Four Properties in Greater Chalmette, Louisiana

LIIF has provided four acquisition loans totaling $8.9 million to Verius Property Group Holdings (VPG), an affordable multifamily developer based in New Orleans. This early-stage catalytic capital will be put toward the acquisition of four properties, comprising 288 affordable units and located within one mile of each other in the Greater Chalmette area, just east of New Orleans in St. Bernard Parish. The loans are structured as 36-month acquisition facilities to support the purchase and stabilization of the portfolio.

Each property contains 72 units and is occupied by a mix of households earning between 20% and 60% of area median income (AMI), as well as unrestricted tenants. The properties were constructed in March 2011 using funds allocated through the State of Louisiana's Community Development Block Grant (CDBG) program and 9% Low-Income Housing Tax Credits (LIHTC) to address the loss of residential housing following hurricanes Katrina and Rita.

Factoid: One of the properties sits directly across from the historic Chalmette Battlefield, site of the Battle of New Orleans in 1815.

Each property contains 72 units and is occupied by a mix of households earning between 20% and 60% of area median income (AMI).