BATON ROUGE – The Louisiana Housing Corporation (LHC) board of directors awarded more than $11 million in housing tax credits and other funds for the construction and rehabilitation of 21 affordable housing developments. The developments represent a mix of urban and rural projects that will produce 1,080 privately owned and operated affordable housing units. The credits will provide funding to build and rehabilitate rental units in 15 parishes across the state, create 1,318 jobs within the first year and generate $158 million in private investments.
“Housing is one of our most fundamental human needs and these funds will go a long way in putting affordable, accessible housing options in place for people who need it most while simultaneously making a lasting economic impact across the state,” said Gov. John Bel Edwards. “Hardworking Louisianans will have better, fairer housing solutions, and for that I thank the LHC for their invaluable leadership.”
This investment will have ongoing annual impact post-construction that will result in new occupants paying taxes and participating in the local economy year after year. Estimates show 324 jobs will be created annually after construction, generating revenue each year.
“We have an opportunity to assist municipalities with their housing needs,” said LHC Executive Director Edselle Keith Cunningham, Jr. “All of our efforts are centered on engaging communities and creating opportunities for housing as well as economic development and growth.”
By aligning with federal partners, U.S. Department of Agriculture (USDA) and Department of Housing and Urban Development (HUD), LHC will significantly impact communities throughout the state. LHC focused on communities participating in HUD’s Choice Neighborhoods Initiative designed to support comprehensive, community-driven strategies to revitalize distressed housing and transform neighborhoods. Seven developments are located in Choice Neighborhoods in Baton Rouge, New Orleans, and Shreveport.
Developers and parties interested in future funding opportunities should visit www.lhc.la.gov or call (888) 454-2001. For a complete list of approved projects, visit http://www.lhc.la.gov/page/2017-QAP.
About Louisiana Housing Corporation
The Louisiana Housing Corporation was created by Act 408 of the 2011 Louisiana Legislative Session. The Corporation administers federal and state funds through programs designed to advance the development of safe, energy-efficient and affordable housing for moderate-to-low income families.