Downtown Houma apartments to undergo $5 million renovation

Calling all seniors to the 2023 Mardi Gras Ball!
January 4, 2023
Line Dancing class available at Thibodaux’s Peltier Park this January
January 4, 2023
Calling all seniors to the 2023 Mardi Gras Ball!
January 4, 2023
Line Dancing class available at Thibodaux’s Peltier Park this January
January 4, 2023

HRI Communities announced that it has closed on the financing to renovate the first phase of the Bonne Terre Village Apartments located in downtown Houma and is set to immediately move forward, with construction to be overseen by Impetus Construction. The $5 million design-build undertaking will facilitate a renovation of the apartment homes, which were originally developed in 1996 by HRI and consist of 51 affordable, elderly housing units. The property shares a block with three additional and more recent HRI residential developments, which combine to a total 215 units providing housing to a diverse community including both senior and family households.

“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. 


“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.”

“We’re having a full circle moment with the kickoff of the Bonne Terre Village renovations,” said Nick Moldaner, Chief Operating Officer for Impetus. “Impetus team members previously had the pleasure of working alongside HRI to design and construct the latter phases of the 215 units and we’re excited to be reengaged with the Houma community to deliver these improvements to the original phase of the development.”

HRI Communities was awarded 9 percent Low Income Housing Tax Credits (“LIHTCs”) by the Louisiana Housing Corporation in April 2022.  Combining tax credit equity with construction loan financing, this renovation project is accomplished only through the valued investor and lender partnerships with Hudson Housing Capital, Capital One, NA, and the Terrebonne Parish Consolidated Government.  Collectively, these resources allow for renovations to the building’s exterior facade, HVAC system, interior unit kitchen and bathroom upgrades, and additional repairs following Hurricane Ida. The renovated property and updated residential units will significantly upgrade the experience of the residents and address all of the physical needs of the building.  This revitalization creates a more resilient property that will be well positioned for the long-term success and sustainability highlighted as especially important after so much of downtown Houma was damaged during Hurricane Ida.  Responding to the community’s unfortunate housing losses, the project serves to preserve existing housing and assure its ongoing availability for underserved populations by maintaining the elderly preference and committing to long-term affordability through 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 G. Hollins, LHC 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.”  

“Capital One’s deep expertise in funding affordable housing and extending equity through Federal Low Income Housing Tax Credits allowed us to support HRI Communities as they revitalize these properties and offer elderly residents high-quality, affordable units,” said Dan Miller, Capital Officer for Capital One Community Finance.