PUBLIC NOTICE

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Arts Partners LLC is submitting Arts Senior Apartments for consideration in the Louisiana Housing Corporations 2024 9% LIHTC Funding Round. The project, which is located at 1515 Arts Street, New Orleans, Louisiana 70117, will include the construction of a new structure west of Phase I of the development and will contain 45 units set aside for elderly ages 55+. It will also include a community facility. Supportive services will be provided by I Deserve It, a public health initiative sponsored by the Ashe Cultural Arts Center. The proposed unit mix will be all one-bedroom units except for 7 units which will be efficiencies. 2 units will be set aside for Permanent Supportive Housing. There will be 9 market rate units with the remainder of the units limited to household incomes starting at 20% AMI incrementally increasing to 60% AMI. The total development cost is expected to be $13,935,000. Project sources are expected to include approximately $1,500,000 in CDBG from the City of New Orleans, $10,380,000 in 9% LIHTC equity, $2,000,000 in traditional debt, and $55,000 in deferred developer fee. For additional inquiries, contact Art Partners LLC c/o Robert Rosamond by email: rrosamond@renaissanceprop.net.

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