NEW ORLEANS, LA - The Muses Apartments in New Orleans, a Louisiana Housing Finance Agency tax credit funded project, was honored as a "Development of Distinction" by the Novogradac Journal of Tax Credits at its second annual awards banquet held in Las Vegas, NV. Sixteen awards were handed out to developments across the country as part of the Novogradac & Companys LLP's Tax Credit Housing Finance Conference.
Source: Louisiana Housing Finance Agency
The Muses Apartments was selected to represent the category: LIHTC Project That Best Reflects Market Success in Overcoming Significant Obstacles. It was also awarded Honorable Mention in the category: LIHTC Project That Best Exemplifies Major Community Impact. According to the release from Novogradac, "the awards recognized low-income housing tax credit (LIHTC) projects that had a major impact on their communities; those that demonstrated financial innovation; and those that overcame significant obstacles in their development."
The New Orleans housing complex was developed by LDG Development and Gulf Coast Housing Partnership. The Louisiana Housing Finance Agency provided tax credit funding. The development is located in Central City, on Polymnia Street, and is made up of 230 new affordable housing units.
LHFA President Milton Bailey was pleased and encouraged by the announcement of the award. "I congratulate the developers of the Muses on this great honor," said Bailey. "It shows that the rest of the country is taking notice of the quality work that is being done as part of the rebuilding efforts in New Orleans and across the Gulf Coast. The Muses joins several other LHFA-financed projects that have been nationally recognized. This is something we should all be proud of, and encouraged by."
The Novogradac Journal of Tax Credits is a national publication that covers not only low-income housing tax credits, LIHTC compliance, valuation, and tax-exempt housing bond industries but also includes coverage of new markets, renewable energy and historic tax credits and HUD programs. A full description of the Muses project, as well as the other 15 winners can be found at: www.novoco.com/dod.php.
The Louisiana Housing Finance Agency (LHFA) was created by the Louisiana Legislature to address the shortage of safe and affordable housing in Louisiana. Since 1980, LHFA has administered federal and state funds through programs designed to advance the development of energy efficient and affordable housing for low and moderate income families. Post-Katrina, LHFA has been a viable resource in the development of rental housing and homeownership finance opportunities.