Investment introduction paragraphs
Volunteers of America National Services
The Terraces is a 200-unit, age-restricted (62 and older) apartment complex located in the Mid-City neighborhood of New Orleans.
All units are located in a single 130,000 square foot building with community space that includes a club room, fitness center, business center, computer training lab, clinic space and commercial kitchen.
Individual residences include a built-in microwave oven, dishwasher, disposal, carpeting, mini-blinds, washer/dryer connection and central air and heat.
The Property is replacement housing for a former Project-Based Section 8 property called Forrest Towers East which was located in New Orleans East about 13 miles away from the Terraces. New Orleans East was one of the first areas to flood during the devastating storm and flooding in 2005.
CDT’s partner on the project is Volunteers of America National Services (VOANS), which manages the housing and healthcare activities of parent organization VOA, which is a national nonprofit Christian organization that owns more than 2,800 units across the United States.
After the storm in 2005, VOA, the manager and sponsor of Forest Towers East, launched a concerted effort to track displaced residents. A provision of the renewal HAP contract was that all tenants must have the right of first refusal on The Terraces. VOA was able to locate 100 of the previous tenants, 46 of which currently live at The Terraces, about 25% of the original Forest Towers East tenancy.
The Property currently has 20 specific units set aside for permanent supportive housing for formerly homeless individuals. At the time of the site visit, 14 of these units were occupied by individuals who benefit from that program which is run by the City of New Orleans Department of Health and Human Services (“DHH”).