RECENT CLIENT SUCCESS
Affordable Housing Acquisition Rehab
Rob Coats with The Banyan Foundation, Inc., engaged Justin Langlois and his team to assist in the acquisition of Elm Grove Gardens, an affordable housing community in Baton Rouge, Louisiana. The multifamily development received significant negative press over the years and had major challenges to overcome, examples of those being:
The HAP contract with HUD would soon be abated, meaning all rent and utility subsidies from the federal government would be eliminated.
The apartment community would not support itself if converted back as a market-rate housing development.
The deplorable conditions existing at the property had local, state, and national officials discussing condemnation of the property.
Receiving funds from local, state, and national agencies would require significant resources.
As a native of Baton Rouge and an active advisor in Affordable Housing throughout the Gulf South, Justin guided Coats through the barriers and obstacles that would inevitably arise during the acquisition process. Langlois actively participated in negotiations with the Mayor’s Office, Louisiana Housing Corporation (LHC) and East Baton Rouge Housing Authority (EBRHA). In a meeting with LHC, Langlois and his team made a presentation illustrating the need to demolish all existing structures and develop a new apartment community that would provide a positive economic impact on the community, but more importantly would provide new, affordable housing to residents in the Scotlandville community.
Justin was in constant communication with Rob Coats throughout the entire process. Through the efforts of Langlois and his team, the following were achieved:
Successful negotiation of the HAP contract with HUD for 84 new units, resulting in a 100% subsidized community.
New construction to include floor plans consisting of units 13% larger with modernized amenities.
Securing nearly $1,000,000 from local and state agencies for the new apartment community.
"Justin's extensive knowledge of Affordable Housing was one of the many keys to our team's success. Through his efforts, we were able to resurrect a housing community that is much needed in Baton Rouge. Justin always remained calm under pressure and I am happy to report that we knocked this deal out of the park!"
- Rob Coats
The Banyan Foundation, Inc.