NeighborWorks Capital is pleased to extend a construction loan of up to $6,800,000 to Gulf Coast Housing Partnership, Inc. (GCHP) for the development of a 28-unit LIHTC development in Jefferson Parish, Louisiana.
The site is the campus of the former Banneker school named after mathematician and civil rights advocate Benjamin Banneker and was also used as law enforcement administrative offices prior to falling into disrepair. All former buildings have since been demolished.
Reverend Mark Mitchell, CEO of New Hope Community Development Corporation (NHCDC), approached GCHP several years ago about partnering to transform the site into affordable housing and the organizations will be co-developing the site. The development will return vacant land to productive use while also providing critically needed affordable housing in a submarket near New Orleans with 100% occupancy of existing affordable housing in the area.
Gulf Coast Housing Partnership (GCHP), a 501(c)3 nonprofit, was formed in 2006 to provide the Gulf Coast region with real estate development and financial expertise to produce affordable housing. GCHP pursues residential and commercial developments with transformative potential.
GCHP’s innovative “production in partnership” model is designed to lend capacity to for-profit and nonprofit developers, neighborhood-based organizations, and government agencies seeking to create essential service facilities, mixed-use and commercial real estate, and affordable housing that results in healthy, safe, economically, and culturally diverse and vibrant communities. GCHP has over 100 professional employees with a strong production and performance track record.
By keeping real estate development as its core competency, GCHP brings to the partnership experienced staff, industry expertise, access to diversified financing vehicles, and a track record of performance necessary to create quality affordable housing and support sustainable commercial development that is a long-term asset to the community.
This is NeighborWorks Capital’s fifth loan with GCHP. We are excited to partnership with them again as they continue to create quality affordable housing and support sustainable commercial development in the greater New Orleans area.
