HUD rejects loan for lakefront project

By David Bray - email

LAKE CHARLES, LA(KPLC) – A major setback for lakefront development as the Department of Housing and Urban Development, also known as HUD, rejected a loan request for the 250 unit Lofts on the Lakefront project.

HUD cited concerns over the City of Lake Charles' lease agreement with the developers, and the rental market in the lake area, calling it over saturated.

The Lake Charles City Council could vote to reopen that part of the lakefront to developers at next Wednesday's meeting.

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