BATON ROUGE — Today the Louisiana Housing Corporation (LHC) released a Notice of Funding Availability (NOFA) for the Restore Louisiana Piggyback Program totaling more than $33 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds to address long-term housing needs in parishes impacted by the 2016 floods. This program is designed to fund projects that create or preserve affordable multifamily rental housing across Louisiana.
The Restore Louisiana Piggyback Program is one of several initiatives launched by the LHC and Office of Community Development to help revitalize communities devastated by the floods.
“All of our efforts will continue in the vein of helping individuals impacted by the historic floods,” said Executive Director Keith Cunningham. “This initiative will address and improve housing opportunities for some, and for others, it could be a critical lifeline. We are proud to do our part to rebuild stronger communities for the citizens of Louisiana.”
In partnership with the OCD, nearly $100 million has been made available to rehabilitate rental housing in flood-impacted communities.
“Over 28,000 rental units in Louisiana were damaged in The Great Floods of 2016, worsening what was already a terrible shortage of affordable rental housing from before the floods,” OCD Executive Director Pat Forbes said. “By using Community Development Block Grants to create the Restore Louisiana Piggyback Program, the Louisiana Housing Corporation will help relieve some of the financial strain that this shortage puts on our working households. Our low-to-moderate income residents and our state need these new, affordable rental units to help drive the long-term recovery from these storms.”
All developments funded through the program must benefit moderate- and low-income residents. HUD defines “moderate-income” residents as those families whose total household income, adjusted for family size, is less than 80% of the Area Median Income (AMI), and “low-income” residents whose income is less than 50% AMI. Two competitive application pools have been created: general and mixed-income. Funds will be awarded until exhausted.
Applications are due by 4 p.m. CST March 16, 2018. Awardees will be announced no later than May 9, 2018.
Developers and parties interested in applying should visit http://www.lhc.la.gov/page/PiggybackProgram or call (888) 454-2001.
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 low-to-moderate income families.