The New Iberia, LA Housing Authority was searching for a means to develop new housing, knowing that HUD has no new money for new units. HSA was able to develop a plan for 50 new single-family homes on a site in the heart of this historic, south Louisiana town. The plan involved two separate tax credit applications to the Louisiana Housing Finance Agency. Both were approved in 2006. Bayou Place targets a range of income and provides an opportunity for home-ownership at the end of the tax credit compliance period. The site is planned as a gated sub-division, incorporating the south Louisiana vernacular architectural design. The $8.4 million development was completed in 2008.
