Courtesy of the Millennia Companies
The Millennia Company. has provided US $ 27.5 million to finance the purchase and renovation of 131 affordable homes for the elderly and people with disabilities at Peace Lake Towers, New Orleans.
The renovation includes a comprehensive renovation of the six-story, medium-sized apartment complex. Upon completion, residents will enjoy refurbished one-bedroom apartments and amenities such as a community center, artistic activity room, library, computer lab, and gym. Residents pay 30% of their income for rent, and rent will remain affordable in the future as it is subsidized for at least 20 years through a project-based federal contract under Section 8.
The design scope includes improved safety features and improved heating, cooling, mechanical and electrical systems. In addition, the plan provides for the installation of a new roof, new windows and doors. Inside, crews will install energy efficient equipment and environmentally friendly materials for countertops and cabinets.
“Affordable housing is critical for seniors and people with disabilities. As the supply of affordable housing for this population declines as demand increases, we pride ourselves on providing residents with quality housing and a service-enriched community,” says Frank T. Sinito, CEO of Millennia.
The company expects construction to begin in the coming weeks and last 14 months. The crews will first renovate vacant units and move the households on site when construction is completed in phases.
The following partners provided funding and resources for this transaction: Red Stone (lender), Aegon Asset Management (syndicator of low income residential tax credits), Louisiana Housing Corp. (Bond and home loan issuer), Department of Housing and Urban Development Southwest Branch and the City of New Orleans. The general contractor Marous Brothers, the architect Hooker DeJong, the developer Millennia Housing Development and the management agent Millennia Housing Management are also involved in this project.
Founded in 1995 in Cleveland, Millennia manages a diverse portfolio of more than 30,000 homes in 275 communities in 26 states. In 2020, Millennia was ranked 3rd on the list of affordable home financiers in the top 50 affordable housing owners, 7th on AHF’s Top 10 Acquisitions Companies, and 18th on Multi-Housing News’ list the top developer.