The city-parish is set to give the last installment of the federal HOME Investments Partnership Program funding to Elysian II, a mixed-income apartment complex that is being constructed adjacent to the original development at N. 13th St. and Spanish Town Road.
It is unclear where exactly that puts the project, and how close the developer, Gulf Coast Housing Partnership, is to securing the estimated $17.2 million it needs in financing for the complex. Kathy Laborde, executive director of the nonprofit development group, declined to comment on the status of the project.
Downtown Development District Executive Director Davis Rhorer says the developer has already broke ground on the complex.
“We’re glad to have additional housing going in,” Rhorer says. “It’s such a positive sign when you do a phase one and they decided to step up and do another 100 units.”
With Metro Council approval, the project will get around $900,000 in federal HOME funds on top of roughly $1.1 million in federal dollars the developer received last year, says Assistant Chief Administrative Officer Rowdy Gaudet
The U.S. Department of Housing and Urban Development, which administers the HOME program, gives Baton Rouge $1.06 million per year through HOME, and the city-parish can spend the money on any qualified project. The city-parish will use $2 million of those funds on the Elysian II project.
HOME helps local governments develop affordable housing and also provides direct rental assistance to low-income residents.
The land, which is near the State Capitol, was provided by the East Baton Rouge Redevelopment Authority. The Elysian II will be a four-story building with 100 units and will include a mix of 51 affordable units and 49 market-rate units. Twenty of the units will have a mix of residents earning 20% to 60% of the area’s median income, another 20 will be at 60% of the area’s median income and 11 will be at 80%.
HUD is also loaning the developer around $8.1 million, and the RDA approved an $800,000 grant last year. The developer is getting another $5.6 million from Enterprise Community Development, a nonprofit group that helps developers get financing for low-income housing projects.
The original Elysian development, which opened in 2013, features floor plans ranging from $895 per month to $1,120 per month, according to the complex’s website.