LAFAYETTE PARISH — A new housing development in Lafayette Parish is set to offer affordable homeownership options to local residents. The $5.1 million project includes the purchase of 83 homes in the Bayberry Point community and the proposed construction of 60 new homes by Bayberry Point Investments.
“Our main goal is to take the tenant from where they are and transition them into another home they can own,” said Ravi Duggal, managing partner at Bayberry Point Investment.
The homes will serve as transitional housing for residents who aspire to become homeowners.
"I would think that if someone stays here for 20 years and pays their dues on time, they can afford a home," said Duggal.
In a previous press release, Senator Gerald Boudreaux (D-La.) explained that the homes will be classified as true transitional housing, with tenants receiving HUD-approved housing ownership counseling, credit repair assistance, and other life services.
“The challenge that we have is identifying private equity investors who are willing to put up the money. Institutions like First Horizon are taking a gamble on these individuals because they have no credit, and that’s the cycle we need to break,” said Boudreaux, a supporter of the project.
Boudreaux emphasized the importance of public-private partnerships in addressing housing needs in the area. “You have organizations like the Louisiana Housing Corporation and many others involved in this project. They can’t do it alone, so the private investors have stepped up,” he said.
Developers have partnered with First Horizon Bank, Lafayette Economic Development, and the Greater Southwest Louisiana Black Chamber of Commerce to make this project a success and provide helpful resources to residents.
Phase one of the Bayberry Point project includes the purchase of 83 existing residential homes.
Phase two of the project will involve purchasing land to build 60 new homes, expanding the affordable housing options available to Lafayette Parish residents.
