Tivoli Place Wins a Novogradac Historic Preservation Award

Congratulations to our long-time partner Lincoln Avenue Communities on Tivoli Place winning a Novogradac Historic Preservation Award!

“Boston Financial is proud to have partnered with Lincoln Avenue Communities, Capital One, Huntington Bank, Finance New Orleans, and the Louisiana Housing Corporation on Tivoli Place,” said Roy Faerber, Senior Managing Director at Boston Financial. “We have been excited to see the impact this project has made to the community, helping to preserve 163 affordable homes as well as rehabilitate a remarkable historic building in the heart of the New Orleans’ Lafayette Square Historic District. Boston Financial couldn’t be prouder to call Lincoln Avenue Communities our partner. Over the last decade, we have partnered with them on developments that have brought more than 1,500 affordable homes to communities that urgently need them.”

Like many American cities, New Orleans is facing a severe affordable housing shortage, with the city estimating almost 50,000 more affordable homes are needed to meet the current need. The need is especially acute for low-income seniors.

Tivoli Place is a transformative project that revitalized a historic 8-story building in the heart of New Orleans into 163 high-quality, affordable homes for seniors, including several units set aside as Permanent Supportive Housing for Special Needs households. Built in 1917, Tivoli Place sits on historic St. Charles Avenue within the Warehouse District, which is part of the City’s Inclusionary Housing Zone designated as a high-cost-of-living area. The neighborhood is home to landmarks including the former city hall, the world’s oldest continually operating streetcar line, the Mississippi River and Caesar’s Superdome. Tivoli Place’s rehabilitation honors the development’s past while modernizing the facility for the future, incorporating energy-efficient upgrades and maintaining accessibility with an elevator service.

The historic rehabilitation was financed through a creative and impactful blend of Federal Low-Income Housing Tax Credits (LIHTC), Section 48 energy credits, and both Federal and State Historic Tax Credits.

Improvements include new central heating and cooling, new plumbing, upgraded finishes, and raised ceiling heights in each unit. New community amenities include a media room, library, fitness center, dining room, bike storage, security upgrades, and health care exam room. LAC also improved the property’s sustainability and resilience by installing new fixtures to reduce the property’s water and power consumption as well as solar panels in the parking lots to offset electricity usage. The development even included the restoration of a fresco mural by artist Conrad Albrizio which was thought to have been destroyed by Hurricane Katrina. Residents will have on-site access to preventive health care screenings, exercise classes, mentoring programs, transportation, disability counseling, and other social programs.

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