| Type of Property: | Multifamily |
|---|---|
| Number of Units: | 124 |
| Location: | New Orleans, Louisiana |
| Type of Project: | Tax Credit Rentals |
| Acquisition Date: | November 2004 |
| Acquisition Highlights: | Purchased utilizing $3.14M in tax-exempt bonds, $1.8M in Low Income Housing Tax Credits, a $1M City of New Orleans Loan, and a $550,000 lead paint abatement grant |
| Holding Period: | Still operating. Plan to hold until 2021 |
| Investment Highlights: | Currently 100% occupied and realizing maximum LIHTC rents. |
The Palmetto Apartments are a 124 unit multifamily property located in New Orleans, Louisiana. Palmetto was acquired in 2004 utilizing $3.14 million in tax-exempt bonds, $1.8 million in low-income housing tax credits, $1 million in City of New Orleans loan and a $550,000 HUD lead based paint abatement grant. The property underwent a substantial renovation that lasted 18 months, including a six-month interruption due to the severe flooding that followed hurricane Katrina. As of today, The Palmetto Apartments are 98% leased and occupied and are enjoying maximum LITHC rents while providing sound affordable housing and improved quality of life for its residents.