Cypress Landing is our premier mixed-financed development in our efforts to upgrade our existing housing stock. --Richard Herrington Jr., Executive Director, HACS
Shreveport, LA (PRWEB) January 26, 2012
The continued revitalization of one of Shreveport’s most important affordable housing communities has moved one step closer to reality. The Housing Authority of the City of Shreveport (HACS) and its private sector partner, The Michaels Development Company, have been awarded a 10-year allocation of federal 9% Low Income Housing Tax Credits in the 2011/2012 competitive funding allocation cycle of the Louisiana Housing Finance Agency. The tax credits are expected to generate more than $9.5 million in equity for the substantial rehabilitation of Cypress Landing (formerly known as University Oaks I and II), located at the corner of Hilry Huckaby and Martin Luther King, Jr., Drive.
“In the past two years, the Authority has begun making monumental changes throughout the organization. Cypress Landing is our premier mixed-financed development in our efforts to upgrade our existing housing stock. Both public and private funding will be used to resurrect the 12 buildings, which make up part of the City’s overall ailing affordable housing market,” said Richard Herrington, Jr., Executive Director of the Housing Authority of the City of Shreveport.
The revitalization of Cypress Landing is a public and private effort that also includes the City of Shreveport, which has committed $250,000 to the project. Additional incentives are being sought to increase the feasibility of the project.
Located only steps away from Southern University of Shreveport, the Authority purchased the 124-unit housing community in 1999 to increase affordable housing opportunities for income-eligible residents. Since then, the City has targeted the surrounding neighborhood for redevelopment to improve resident access to quality affordable housing under its Community Revitalization Plan. Both Housing Choice Vouchers holders and market-rate tenants will be served at Cypress Landing.
“The equity from the sale of these tax credits to private investors will be leveraged with other funding to modernize the Cypress community as well as enhance the quality of life for current and future residents through social service programs that will be housed on-site,” said Robert Greer, President of The Michaels Development Company.
The Housing Authority has also placed a high priority on incorporating green building components into the project to conserve energy and reduce long-term operating costs. The $11.4 million revitalization effort will not only stimulate the economy through the creation of local employment opportunities, but it also will be the first substantial rehabilitation to the development since it was constructed in the 1970’s. Finally, the design calls for better integrating the community into the surrounding neighborhood and incorporating open and green spaces
“We expect to provide a significant boost to the local economy by providing quality construction jobs as we enhance the look and efficiency of the property,” Herrington said, “but more importantly, we are committed to creating opportunities for minority and women-owned businesses. It’s a win-win situation for residents, local businesses, the Authority and the City.”
The Authority selected The Michaels Development Company through a competitive bidding process. Michaels is the nation’s leading affordable housing owner and developer, with significant experience in public housing redevelopment in Louisiana. It was first national developer to rebuild public and affordable housing communities in New Orleans following the devastation of Hurricane Katrina. Michaels’ sister company, Interstate Realty Management, will provide property management and social services to the revitalized Cypress Landing community. Construction is slated to start in April 2012 and expected to be completed by October 2013.
About the Housing Authority of the City of Shreveport
The Housing Authority of the City of Shreveport was established in 1940. The HACS is governed by a five-member Board of Commissioners and is responsible for overseeing the management of nearly 4,000 housing units scattered throughout the City. Its vision is to create and cultivate opportunities for program participants to achieve self-sufficiency and economic independence by providing affordable housing, employment training and opportunities, educational programs, and access to community resources.
About The Michaels Organization:
The Michaels Development Company is part of The Michaels Organization, a family of companies dedicated to excellence in affordable, mixed-income, student, and military housing. Michaels Development Company is the number-one ranked privately held affordable housing owner in the country, and in 2010 was named the Multifamily Development Firm of the Year by the National Association of Home Builders. Its sister company, Interstate Realty Management, is an award-winning property and asset management company offering nationally acclaimed social services. Learn more about us at http://www.TheMichaelsOrg.com.