Iberville Approves Loan For Apartment Complex
PLAQUEMINE, La. (AP) — The Iberville Parish Council has authorized Parish President J. Mitchell Ourso to issue a $6.1 million loan-commitment letter to a Mississippi company to build affordable housing in St. Gabriel.
The loan to New Horizons Group is part of more than $40 million allocated under the federal disaster recovery program for hurricanes Ike and Gustav, Thomas David, manager of Iberville's Community Development Block Grant program, tells The Advocate (http://bit.ly/WIGOH4).
Iberville already is using more than half the grant money to build a $20 million medical complex in Plaquemine.
The loan will serve as leverage toward the developer's construction of a 120-unit, multifamily apartment complex on a 16-acre site off Louisiana Highway 74 in St. Gabriel, David said.
Total cost of the project, called Windsor Court, is about $16.3 million, David said.
Information from: The Advocate, http://theadvocate.com