Renaissance Neighborhood Development Corporation, NAHT and UnitedHealth Group Close on $5.97M of Equity for Valencia Park
Columbus, OH. Friday, January 29, 2020. National Affordable Housing Trust (NAHT) is proud to announce it has closed funding for Valencia Park in Baton Rouge, Louisiana. NAHT closed on Valencia Park in partnership with Renaissance Neighborhood Development Corporation and an investment from UnitedHealth Group.
Valencia Park (the Subject) is a 122-unit apartment facility to be constructed on an approximately 2.56-acre site located at 740 North 14th Street, in the Downtown East neighborhood of Baton Rouge, East Baton Rouge Parish, Louisiana. The Subject will consist of a single three-story building and approximately half of the units will be set aside for veterans. The unit mix consists of 62 one-bedroom units, 54 two-bedroom units, and 4 three-bedroom units. Approximately 80% of the units will be Low Income Housing Tax Credit (LIHTC) units targeting households with incomes up to 60% of Area Median Household Income (AMHI).
Valencia Park will receive Permanent Supportive Housing (“PSH”) Project Based Vouchers (“PBV”), designed to provide permanent subsidized housing for individuals and families with disabilities, in 25 of its units. In addition, it will target non-PSH Special Needs households for these set-aside units, including families with children and veterans. Community amenities will include an activity room, lounge, community kitchen, fitness center, extra storage, controlled access, dog park, bicycle storage and courtyard. All units will have a refrigerator, electric range, microwave, dishwasher, garbage disposal, central air conditioning, ceiling fans, carpeting, window blinds, washer & dryer, patio/balcony, intercom, and walk-in closets.
Renaissance Neighborhood Development Corporation (“RNDC”), headquartered in New Orleans, Louisiana, is a non-profit corporation founded in 2006 and is a collaboration between Volunteers of America National Services and Volunteers of America Southeast Louisiana. RNDC focuses on serving working households at all income levels and aims to achieve the highest quality design for affordable housing projects in urban neighborhoods while providing a safe, comfortable and uplifting environment for the residents it serves. Since its inception, RNDC has acquired 11 major residential and mixed-use projects in Louisiana and has four in its immediate pipeline, including Valencia Park, totaling more than $150 million in development financing.
“We are excited to have the opportunity to develop additional high-quality affordable housing for veterans and contribute to the revitalization of this neighborhood so close to downtown Baton Rouge. We’re also very grateful for the ongoing support and productive relationship we have with NAHT in making this project a reality,” said Victor Smeltz, Executive Director of RNDC.
“National Affordable Housing Trust and our investor, UnitedHealth Group, are proud to partner with RNDC in Valencia Park, in the construction of meaningful and vital affordable housing for individuals and families in Baton Rouge, LA. We appreciate RNDC’s integrative approach to housing, including delivery of services to support individuals with children and veterans households in achieving their goals for stability, advancement, and independence, and look forward to helping make a difference of 122 families at Valencia Park,” said Brian Robinson, Senior Vice President at the National Affordable Housing Trust.
“The ability to secure safe and affordable housing is critical to the overall health and quality of life for all people,” said Andy McMahon, Vice President of Health and Human Services Policy for UnitedHealthcare, the health insurance business of UnitedHealth Group. “We are honored to have such great partners in Renaissance Neighborhood Development Corporation and NAHT that help us provide this fundamental need for individuals and families in need.”
Last year, UnitedHealth Group announced its $100 million investment in the Health & Housing Fund, which partners with Stewards of Affordable Housing for the Future (SAHF) and the National Affordable Housing Trust (NAHT), to help build more than 1,000 new homes for families and seniors facing housing insecurity. This investment brings the company’s total contribution in safe and affordable housing to $500 million since 2011.
RNDC established a property management division in 2014 to provide property management services to its affiliated properties. RNDC coordinates and supports each facility to provide supply services including financial accounting, data processing social services, construction and building maintenance among others. RNDC manages 12 properties, 8 of which are LIHTC developments.
National Affordable Housing Trust is a nonprofit Low Income Housing Tax Credit (LIHTC) syndicator helping create and preserve homes for those in need. NAHT is a joint venture of LIIF (Low Income Investment Fund) and SAHF (Stewards of Affordable Housing for the Future).
For media inquiries, contact: Heather Holland, [email protected], 614.917.2864