HOUMA, La. – HRI Communities said it has closed on the financing to renovate the first phase of the Bonne Terre Village Apartments in downtown Houma. Impetus Construction will now begin work on the $5 million renovation of the affordable apartment homes, which were originally developed in 1996. The 51-unit property shares a block with three more recent HRI residential developments that add another 164 units to the area.
“HRI Communities was privileged to develop the original Bonne Terre Village over 25 years ago, and we are thrilled to be able to officially and immediately move forward with these renovations. The comprehensive exterior and interior improvements will restore these apartments to a first-class condition for our residents while also improving the building’s aesthetics for the broader downtown Houma community,” said HRI Communities President Josh Collen in a press release.
“On behalf of our senior community, I would like to commend HRI Communities for their dedication to providing affordable elderly housing in downtown Houma,” said Terrebonne Parish President Gordon E. Dove. “Terrebonne Parish Consolidated Government realizes the challenges involved with providing such housing and was more than happy to partner with HRI Communities to ensure the long-term success of Bonne Terre Village. We look forward to the renovations that will deliver resilient quality housing for years to come.”
HRI Communities was awarded 9% Low Income Housing Tax Credits by the Louisiana Housing Corporation in 2022. Other funding sources include Hudson Housing Capital, Capital One and the parish.
The renovation — which will include upgrades to the exterior facade, HVAC system, kitchens and bathrooms — is also designed to make the property more resistant to damage from extreme weather events. HRI said it is committing to long-term affordability via a new 45-year regulatory agreement.
“We commend our partner HRI Communities for bringing this project across the finish line and ensuring the longevity of these much-needed affordable housing units in downtown Houma,” said Joshua Hollins, Louisiana Housing Corporation executive director. “LHC is proud to invest $1 million in low-income housing tax credits to help renovate this vital project for our senior citizen community.”
