9836948

Summary of Public Notice:

Project Owner: Barret Senior, LP

Project Name: Barret Senior Lofts

Project Address: 1600 Barret Street, Shreveport

Total Units: 50 Senior Citizen Housing Development 1 Bedroom Units

The project owner is proposing new construction and rehabilitation of existing structures for the Barret Senior Lofts development, which will be modern, disaster-resistant 50-unit senior citizen development. The retirement community will include a community clubhouse and will offer supportive services to senior citizens. The project owner is applying for 4% Low Income Housing Tax Credits, Federal and State historic tax credits, Community Development Block Grant and potentially other sources of funding from state and federal agencies including the Louisiana Housing Corporation and the Louisiana Bond Commission.

The total estimated development cost is $18,000,000. The development will be funded with private financing and equity proceeds from the sale of Low-Income Housing Tax Credits, Federal and State Historic Tax Credits and other financing provided as follows (Amounts are estimated):

Permanent Financing $1,500,000

LIHTC Equity $7,100,000

Historic Tax Credits $4,700,000

CDBG-DR/CLC $4,500,000

Other $200,000

Total sources of funds $18,000,000

NOTE: Please contact Jeff Glover at jeff@mgmdevelopmentgroup.com for any questions regarding this notice

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