Gulf Coast Housing Partnership (GCHP)
Scott School Development, Baton Rouge, LA.
$2,500,000 Interim Loan
Purpose: Construction financing for reuse of historic building to 60 affordable multifamily rental units for the chronically disabled and those left homeless by hurricane Katrina.
When Hurricane Katrina hit Louisiana, already saturated housing markets suffered staggering price jumps in rents and property values. Low-income individuals who previously had difficulty securing safe and affordable housing were now faced with few or no options. The most fragile individuals suffered most, exacerbating the problem of inadequate housing for the mentally ill, the chronically disabled and those left homeless by the hurricane.
In Baton Rouge, Gulf Coast Housing Partnership’s adaptive reuse of the historic Scott School building into a multi-family rental facility is helping solve that challenge, providing much needed housing and bringing services on-site for residents with severe and chronic disabilities.
The $8.3 million development consists of 60 affordable rental units, including one-bedroom apartments,studio apartments and single room occupancy units. CHC and Whitney Bank closed a $2.5 million revolving construction loan in 2010, illustrating the strength of the loan participation model in leveraging greater capital resources.