Project Narrative
Investor equity from Hudson Capital, with capital funds from the Lake Charles Housing Authority, state CDBG funds, AHP Grant Funds from the Federal Homegrown Bank of Atlanta, and an FHA-insured first mortgage
Project Narrative
High School Park was originally a 72 unit development constructed in 1948. This redevelopment planned included a demolition of all 72 units, and a construction of 50 duplex-style structures on the same site. 5 of the 50 units were set aside as “market rate” to better meet the demand for overall housing in Lake Charles, while creating a true mixed-income development. High School Park was awarded an allocation of tax credits in 2018.
The mixed-finance plan includes leveraging investor equity from Hudson Capital, with capital funds from the Lake Charles Housing Authority, state CDBG funds, AHP Grant Funds from the Federal Homegrown Bank of Atlanta, and an FHA-insured first mortgage. Not only did the redevelopment of High School Park address deteriorating physical conditions and reduce density, but it also expanded the supply of market-rate housing in the city. In addition to a strong mix of units based on market demand, the project included RAD and Section 8 operating subsidies. 40 of the 50 units received a RAD Public Housing Operating Subsidy from the Lake Charles Housing Authority.
