Louisiana Housing Corp. to Sell $92 Million of Bonds for New Orleans Rental Project
By Zaeem Shoaib
The Louisiana Housing Corp. plans to sell $92 million of revenue bonds to finance a residential rental housing project in New Orleans.
Proceeds from the Multifamily Housing Revenue Bonds Series 2025 due April 1, 2030, will be used to finance a loan to NSAEB 603, a Louisiana limited liability company, according to a preliminary official statement posted Nov. 26 on MuniOS.
The loan will allow NSAEB to pay for part of the cost of acquiring, rehabilitating, constructing, equipping and improving the 294-unit housing project to be known as the NSA East Bank Apartments. The project will include the adaptive reuse of two existing six-story buildings, one of which will include 294 apartments and about 35,222 square feet of ground floor retail space, according to the official statement. The other building will house 778 parking spaces spread across four floors that will be for residential use only. Another 144 surface parking space for commercial tenants will also be included.
Construction will start immediately upon the issuance of the bonds and will be completed in about 21 months.
The bonds are scheduled for delivery in December. Interest is payable on April 1 and Oct. 1.
The securities will be special limited obligations of the Louisiana Housing Corp., payable solely from certain revenue and other money pledged to secure their repayment.
The corporation was created in 2011 when the legislature merged the Louisiana Housing Finance Agency with housing programs from other agencies in a move to streamline the state's housing efforts, avoid duplication and improve service to the public, according to the corporation's web site. The corporation allocates federal and state funds to help provide housing to low-to-moderate income citizens.
Moody's has assigned a rating of Aa1 to the bonds.
Raymond James is lead manager on the issuance.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
December 01, 2025 13:52 ET (18:52 GMT)
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