https://www.nola.com/news/business/t...rce=featured-2
A California company that specializes in affordable housing has purchased the Tivoli Place apartment building on St. Charles Avenue, with plans to spend $35 million rehabilitating the historic building while continuing its mission of serving low-income residents.
Lincoln Avenue Communities bought the 107-year-old building, which provides subsidized units for seniors, in late 2023. According to Lincoln executive David Garcia, the upgrades won't mean luxury apartments or short-term rentals. Instead, the firm is aiming to make the building more energy efficient and, therefore, less expensive to operate.
The renovation will also make the units more comfortable for residents, who have been temporarily displaced during the construction.
When completed in 2025, residents will be able to return to the building, which, according to the terms of various loan agreements financing the project, must continue to provide housing to low-income seniors, Garcia said.