Capital One Boosts Louisiana Housing Resilience
Affordable senior housing in Louisiana made possible through the low income housing tax credit
Nearly 30 years ago, Bonne Terre Village I was developed following Hurricane Andrew’s devastation to Terrebonne Parish. It was a disaster recovery public and private investment and the first affordable seniors housing community in downtown Houma built since the Houma-Terrebonne Housing Authority developed a senior high-rise building in the 1960s.
Following extensive damage from Hurricane Ida in 2021, there was a need and an opportunity to revitalize and preserve Bonne Terre Village with a focus on disaster resilience. Responding to downtown Houma’s housing losses following the storm, the renovations preserved existing housing and assured the property’s ongoing longevity for the community’s underserved senior population. Capital One provided a construction loan and invested in Low Income Housing Tax Credits (LIHTC) to help finance the development, which provides 51 apartments for low-income Louisiana seniors.
The developer, HRI Communities, committed to continued long-term affordability for Bonne Terre Village I through a new 45-year affordability restriction.
Wrap Around Services for Seniors
The property includes an office on the first floor for the Terrebonne Council on Aging, which provides social services to seniors within the community and serves as a direct resource for Bonne Terre Village I residents. Residents benefit from meal provision and transportation services for eligible families. Further, the community room serves as a hub for health talks and blood pressure screenings, fostering a culture of wellness and facilitating early detection of hypertension.
In the aftermath of hurricanes Katrina and Rita, Louisiana launched its permanent supportive housing (PSH) initiative as part of the broader LA Road Home program to address the increased number of individuals experiencing or at risk of homelessness. The PSH program was designed to provide these individuals with affordable rental housing, along with flexible and individualized services. Bonne Terre Village I was one of the first properties to voluntarily partner with the State of Louisiana to support its PSH initiative and has been providing PSH housing since 2010. Residents living in the four PSH units at Bonne Terre Village I benefit from support services provided at no additional cost by the Louisiana Department of Health.
Renovating for Resilience
HRI Communities focused the renovation heavily on improving the property’s ability to withstand extreme weather, including heat waves and hurricanes. Improvements included a new exterior and windows that enhanced standards for impact resistance and waterproofing; incorporated best practices in hurricane and flood resilience recommended by federal, state and private organizations; and added a backup generator to use for life-safety systems, lighting, elevator, and HVAC systems to create a “cool room” in the community center. The renovation was non-disruptive to residents and was completed in summer 2023.
“HRI Communities has been highly focused on reinvesting in our legacy properties to ensure they continue to best service our residents and have contemporary resiliency measures to withstand severe weather events that occur ever more frequently,” said HRI Communities President Josh Collen. “This beautiful renovation of Bonne Terre Village was made possible through the assistance of our public partners at the Louisiana Housing Corporation and Terrebonne Parish Consolidated Government and private partners including Capital One.”
(L-R) A before and after view of the community room. Photos provided by HRI Communities
Leveraging Federal Housing Tax Credits for Property Improvements
Bonne Terre Village I exemplifies the importance of public-private collaboration to preserve much-needed affordable housing–and ensure it can withstand extreme conditions to provide shelter to residents. As part of the 2025 tax legislation, Congress will have the opportunity to expand the federal LIHTC program.
As a member of the Affordable Housing Tax Credit Coalition, Capital One has been a leading voice and supporter with Congressional lawmakers on the LIHTC program via the bipartisan Affordable Housing Credit Improvement Act (AHCIA). According to the Affordable Housing Tax Credit Coalition, the AHCIA would help finance the creation or preservation of more than 2 million additional affordable homes over the next 10 years that would serve American workers and families.
