St. Antoine Gardens is located at Scattered site (office Villa Gardens), Lafayette, LA and is managed by Latter & Blum Property Management, a reputable property management company with verified listings on RENTCafé. St. Antoine Gardens offers 2- to- 4 bedroom apartments ranging in size from 940 to 1,650 sq. ft. Amenities include covered parking, air conditioner, dishwasher, microwave and more. This rental community is located in the 70508 ZIP code. For more details, contact our office at (337) 534-4536 or use the online contact form and we’ll get back to you as soon as possible.
Villa Gardens was designed for larger families, with 33 – 3 bedroom/2 bath single-family homes and 10 – 4 bedroom/2 bath homes. The development also features a 3,400 square foot Community Center, two playground areas with commercial-grade play equipment, and a professional-grade sports court. Villa Gardens is conveniently located in walking distance of a medical facility, elementary school and shopping center.
Low Income Housing Tax Credit Program (LIHTC)
The Low Income Housing Tax Credit (LIHTC) program is currently the country’s most extensive affordable housing program. The program was added to Section 42 of the Internal Revenue Code in 1986 in order to provide private owners with an incentive to create and maintain affordable housing.
The LIHTC program works through a subsidy mechanism. The Internal Revenue Service (IRS) allocates funds on a per capita basis to each state. Currently, each state receives $2.00 per capita. However, the Housing and Economic Recovery Act of 2008 temporarily increased the maximum allocation per person to $2.20 through 2009.
Each state has a housing finance or other agency (HFA) that assumes responsibility for allocating tax credits to developers. The process by which the HFA allocates the credits is competitive and uses criteria enumerated in the state’s Qualified Allocation Plan.
Investors buy income tax credits in qualified properties that have received state allocation, creating cash equity for owners that reduces project development debt burden. In exchange, the owner agrees to rent a specific number of units to qualified tenants at specified rents, usually below-market. Two levels of tax credits are available: one at 9% of depreciable basis, competitively allocated; the other, at 4% of depreciable basis, comes with state bond financing, which is capped and allocated by a state agency, which may or may not be very competitive.
Rental Assistance Demonstration (RAD)
What is RAD?
The Rental Assistance Demonstration (RAD) allows public housing agencies (PHAs) and owners of HUD-assisted properties to convert units to project-based Section 8 programs, providing an opportunity to invest billions into properties at risk of being lost from the nation’s affordable housing inventory. Additionally, it gives owners of three HUD “legacy” programs (Rent Supplement, Rental Assistance Payment, and Section 8 Moderate Rehabilitation) the opportunity to enter into long-term contracts that facilitate the financing of improvements.
The 1.2 million units, in the Public Housing program, have a documented repair backlog of nearly $26 billion. As a result, the public housing inventory has been losing an average of 10,000 units annually through demolitions and dispositions. Meanwhile, the 38,000 units assisted under HUD’s legacy programs are ineligible to renew their contracts on terms that favor modernization and long-term preservation. The current conditions of many of these properties prevent reinvestment and recapitalization efforts in the communities with the most need. By drawing on an established industry of lenders, owners, and stakeholders, RAD allows PHAs and owners of HUD-assisted housing to preserve and improve affordable housing units that could be subject to vouchers and demolition. RAD creates greater funding certainty while allowing increased operational flexibility to empower PHAs and owners to serve their communities.
How does RAD affect me as a Public Housing Resident?
Question: Will a RAD conversion affect my housing assistance?
Answer: You will not lose your housing assistance and you will not be rescreened because of a RAD conversion. Even though a RAD property can use private money to make big repairs, it will still receive money from HUD. With this subsidy from HUD, PHAs will manage RAD properties through either the PBV or PBRA programs. RAD requires that converted properties be owned or controlled by a public or nonprofit entity.
Question: Will a RAD conversion affect my rent?
Answer: If your building or development is converted to PBV or PBRA, your rent contribution will most likely be the same as it was under public housing—generally no more than 30% of your household’s adjusted gross income. Since the project-based Section 8 programs also set resident rents at 30% of adjusted income, most residents will not have rent increases as a result of a RAD conversion.
Question: How can residents be involved in the RAD process?
Answer: Before PHAs can apply to participate in RAD, HUD requires them to notify all residents, in a development proposed for RAD conversion, about their plans and conduct at least two meetings with those residents. These meetings are an opportunity for you to discuss the proposed conversion plans with your PHA, ask questions, express concerns, and provide comments. The PHA is required to submit your comments and its responses to them as part of the RAD application.
Question: When can a PHA start the RAD conversion process?
Answer: After notifying residents as outlined above, PHAs can apply to HUD to convert assistance under RAD.
Question: Will I have to move if my building or home is being rehabbed?
Answer: Most needed repairs made as part of RAD are likely to be small and you will be able to stay in your home during construction. However, some apartments and buildings will require more extensive rehab. In these cases, you will be temporarily relocated, but will have the right to return to your development once construction is completed. Generally, temporary relocation should not last longer than 12 months.