Providence Community Housing and Enterprise recently announced the investment of $41 million in Gulf Opportunity (GO) Zone low-income housing tax credit equity to renovate three senior apartment buildings and one multi-family apartment building as part of a partnership to redevelop 7,000 houses and apartments damaged by Hurricane Katrina for low-income seniors and families. The Gulf Opportunity Zone Act of 2005 provided the five states directly impacted by the hurricanes — Louisiana, Mississippi, Alabama, Texas and Florida — with increased allocations of low-income housing tax credits and Community Development Block Grants to build affordable housing. The four properties, with 474 affordable units, were formally closed by Providence in the last two weeks of December 2007. The Louisiana Housing Finance Agency (LHFA) and the U.S. Department of Housing and Urban Development were involved in the financing of the projects.
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