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 recently formed to develop properties that do not qualify under the affordability standards applicable to RNDC given its non-profit status. Via an agreement with RNDC, MPI is able to leverage resources to provide housing for a wide range of incomes while RNDC itself focuses on housing for primarily low and very low income households.
MPI’s mission is to provide a high quality and affordable housing option for working households that do not qualify for income restricted properties and risk being severely cost burdened by comparable market rate properties. We can accomplish our mission while providing investors a prudent return on their capital that is both qualitative (social impact) and quantitative (financial).
Faubourg St. John Apartments (FSJ) is MPI’s first development. FSJ is 240 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 market (workforce housing), these rents will provide a competitive price advantage to typical market rate properties.
The FSJ site is well located in north Covington just northwest of the intersection of Ronald Reagan Highway and Louisiana Highway 25 and is approximately one mile from The Groves at Mile Branch developed by RNDC. This is a burgeoning 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 FSJ, please contact Vanessa Levine via phone, 504-681-6125, or email, firstname.lastname@example.org.
Faubourg St. John Apartments
Location: Southwest intersection of Regina Coeli Road and Privette Boulevard, Covington, LA
Google Maps: https://goo.gl/maps/4CE2qpQPhjs
Year complete: Under Development
Units: 240 Workforce Housing