Millennium Properties, Inc. (MPI) is a for-profit subsidiary of Renaissance Neighborhood Development Corporation (RNDC), which is a non-profit subsidiary of Volunteers of America. MPI was formed in 2014 to develop market-rate residential rental properties. Through an agreement with RNDC, MPI is able to leverage resources to provide housing for a wide range of incomes while RNDC itself focuses on developing housing for mixed-income households.
MPI’s mission is to provide a high quality and affordable housing option for working households between 80% and 120% of Area Median Income. Through strategic site selection, design and cost control, we can accomplish this objective while providing investors a competitive return on their capital.
Northwoods Retreat Phase One is MPI’s current investment offering. This development will provide 288 units of new construction, garden style development with rents affordable to households earning between 80-100% of the Area Median Income. In addition to serving our target workforce housing market, these rents will provide a competitive price advantage compared to typical market rate properties.
The site is well located in north Covington, Louisiana, just northwest of the intersection of Ronald Reagan Highway and Louisiana Highway 25 and is approximately one mile from The Groves at Mile Branch, previously developed by RNDC. This is a fast growing area that already has essential services located at the adjacent intersection including a full service grocery store, two national pharmacies, and multiple eateries among other establishments.
For more information regarding this offering, please contact William Callihan via phone, 504-681-6174, or email, WCallihan@voasela.org.
Location: Southwest intersection of Regina Coeli Road and Privette Boulevard, Covington, LA
Year complete: Under Development
Units: 288 Workforce Housing