Posted: May 11, 2012 9:03 AM by AP
LAFAYETTE, La. (AP) - The Louisiana Housing Finance Agency has awarded the Lafayette Public Trust Financing Authority a $1 million grant to transform a brick warehouse near downtown into loft-style apartments for artists.
John Arceneaux, chairman of the Lafayette Public Trust Financing Authority, tells The Advocate the 15-unit development is estimated to cost about $2.2 million and construction could start in October.
The Public Trust Financing Authority acquired the warehouse, along with other buildings and an adjacent apartment development now under construction, for $1.1 million from the Acadiana Outreach Center in January. Arceneaux says the 15,000-square-foot warehouse is nearly 100 years old and its roof is in need of repair.
The apartments will be available for working artists who meet affordable housing income requirements.