HRI PROPERTIES OF NEW ORLEANS BEGINS BUILDING
BONNE TERRE VILLAGE II ELDERLY APARTMENTS IN HOUMA, LA

$10 million project will provide 64 apartments to elderly residents of all income levels to ease housing shortage in Houma area hit hard by 2005 and 2008 hurricanes

HOUMA, LA (July 17, 2009) HRI Properties, Inc. of New Orleans, a pioneer in the revitalization of historic city neighborhoods, has begun construction of a $10 million three-story apartment for the elderly in downtown Houma, LA, adjacent to a project the company developed in 1996.

Bonne Terre Village II will offer 64 apartments for the elderly, ages 55 and older. The building will total 50,962 square feet, including 41 parking spaces. Construction is scheduled to be completed in summer 2010.

The apartment mix includes efficiencies and one bedroom units ranging from 470 square feet to 615 square feet. Amenities will include onsite parking and a complete appliance package, including a range oven, microwave, and refrigerator.

HRI secured the $10 million price of the project through a competitive funding cycle from the Louisiana Housing Finance Authority (LHFA) and the Office of Community Development (OCD). With the support and approval of Terrebonne Parish officials, HRI successfully applied for $5,355,794 in 2008 Per Capita Low Income Housing Tax Credits from LHFA and $4,988,148 in Community Development Block Grant funds from OCD.

We are extremely grateful to Parish President Michel Claudet, Planning; Permit Director Patrick Gordon, Senior Planner Mitch McDonald and Housing; & Suman Services Director Darrel Waire for their invaluable support in our funding applications, said Chris Clement, HRI project director.

Houma lost a large portion of its housing stock, especially affordable rentals, because of destruction caused by hurricanes Katrina and Rita in 2005 and later Gustav and Ike in 2008. The Houma area has grown significantly since 2005, putting an additional strain on the limited housing resources of the city and the parish. The existing Bonne Terre Village I apartment for the elderly maintains a waiting list of nearly 100 names, so the new Bonne Terre II will satisfy a large portion of the demand for affordable housing, while contributing to the revitalization of the core area of downtown Houma.