Boston Capital, a low-income housing tax credit (LIHTC) syndicator, announced that it is investing in the development of The Gardens Senior Apartments, a 55-unit seniors community in Baton Rouge, La.
With the help of LIHTC equity, the project is being built by the Humanities Foundation, a nonprofit affordable housing provider based in South Carolina.
The Gardens Senior Apartments will feature 49 one-bedroom and six two-bedroom apartments in a two-story building. Units will be available to seniors earning no more than 60 percent of the area median income. The development will feature a community room with a kitchenette, a business center/computer room, a fitness center, a gazebo, and a picnic area.
Humanities Foundation will provide health services as well as social and educational activities.
Boston Capital said the property will generate $5.3 million in local income and create 80 jobs in the area. To date, the firm has invested in nearly 7,450 units of affordable housing in Louisiana.