Three pieces of legislation approved for affordable housing developments

Lake Charles, LA (KPLC) - The Lake Charles City Council approved three ordinances authorizing the Mayor to use Community Development Block Grant-Disaster Relief (CDBG-DR) funds to build three affordable housing developments.

19. 369-23: An ordinance authorizing the Mayor to enter into a multifamily loan agreement with HRI Communities, LLC, for the purpose of using City of Lake Charles direct allocation Community Development Block Grant-Disaster Recovery (CDBG-DR) funds for Woodring II, an affordable housing development.

20. 370-23: An ordinance authorizing the Mayor to enter into a multifamily loan agreement with Banyan Foundation, for the purpose of using City of Lake Charles direct allocation Community Development Block Grant-Disaster Recovery (CDBG-DR) funds for Capstone at the Oaks, an affordable housing development.

21. 371-23: An ordinance authorizing the Mayor to enter into a multifamily loan agreement with MGM Development Group, for the purpose of using City of Lake Charles direct allocation Community Development Block Grant-Disaster Recovery (CDBG-DR) funds for Calcasieu Heights, an affordable housing development.

“These projects this evening are in some areas of the city where we’re really excited to see a new project, see some new development,” said Mayor Hunter. “The council allowed the authority for us to loan this federal money to these projects; it’s a very standard practice that happens all around the country, and again, this money will be paid back over a period of time when those payments come back into the city.” Hunter continued, “The city will set those aside in a segregated account, and in the future, the city can incentivize other similar projects if the city chooses to do so.”

All three developments are requiring fortified building standards so they will be able to withstand another storm like Hurricane Laura.

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