NeighborWorks Capital is pleased to participate with the Federation of Appalachian Housing Enterprises (FAHE) to extend 2 loans of $5,850,000 and $5,800,000 to Gulf Coast Housing Partnership (GCHP) for the construction of Phoenix Square Apartments phases 2 and 3.
NeighborWorks Capital Portfolio Manager Vince Episcopo
In 2017, GCHP completed Phoenix Square 1, 40 units of single-family LIHTC rental units in Hammond, LA, a rural community in Tangipahoa Parish, 50 miles north of New Orleans. They are now in construction for Phoenix Square 2 and 3 at a site located 5 miles northwest of phase 1. Phase 2 will offer 22 2- and 4-bedroom units and phase 3 will offer 24 mostly 3-bedroom units. Amenities that will be shared between the developments include a clubhouse with full a kitchen, a fitness center, a business center, a conference room, and a game room. There will also be a basketball court, a walking trail, a community garden, and a playground.
GCHP joined the NeighborWorks America network in 2021 and serves the entire Gulf Coast region with projects in 22 communities in Louisiana, Mississippi, Alabama, and Texas. They were established in response to the impacts of Hurricane Katrina and have developed or preserved over 4,000 affordable homes for low-income families and more than 828,000 sf of commercial space. Their focus is on the production of affordable and mixed-income communities and complementary commercial and community spaces. The organization also recently broke ground on its second Health + Housing pilot which includes affordable housing and an onsite healthcare clinic.
NeighborWorks Capital has two other loans with GCHP for LIHTC-financed developments in Montgomery, AL that originated in 2022. We are happy to continue our partnership to help advance their mission to revitalize the Gulf Coast through transformative development, creating vibrant, high-quality communities that are socially and economically integrated, affordable, and sustainable.
