Project Narrative
Roosevelt Terrace, originally built in 1970, consisted of 50 small, non-functional apartments. This development plan included reconfiguring and rehabilitating all 50 units into 40 larger, multi-family housing units. The site, located in East Baton Rouge Parish, is within a few blocks of the LSU campus and lies adjacent to Roosevelt Park. The plan to renovate the existing site was chosen due to it being an extremely cost-effective solution. Roosevelt Terrace was awarded an allocation of tax credits in 2012.
It was the first RAD leveraged housing for the East Baton Rouge Parish Housing Authority. It included leveraging investor equity from Hudson Capital, an AHP Grant, a soft loan from Partners in Progress, East Baton Rouge Parish’s non-profit affiliate, and a permanent loan. Roosevelt Terrace contains a public housing operating subsidy that has been converted to RAD Section 8 project-based vouchers. Roosevelt Terrace targets families with children as well as the very low-income in need of services.
