Multifamily Piggyback Program
**The deadline for this program is March 16
The Louisiana Housing Corporation (“LHC” or “Corporation”) hereby releases this Notice of Funding Availability and Program Implementation Guideline (“NOFA” or “Program Description”) for the preliminary commitment of $33,850,000.00 of Community Development Block Grant Disaster Recovery funds (CDBG-DR funds). This NOFA is designed to provide funding for the new construction development or acquisition/rehabilitation of multifamily affordable housing developments that provide affordable housing as stipulated herein. Successful applicants will be able to utilize CDBG-DR funds with 4% Low Income Housing Tax Credits (LIHTC) and LHC Multifamily Revenue Bonds.
- All borrowers will be LIHTC single asset entity limited partnerships, which are by definition for-profit entities. General Partners of these LPs may be for or non-profit entities. A PHA may participate as General Partner. All properties must combine CDBG-DR with 4% LIHTCs, and a bond-financed 1st mortgage.
- Eligible projects are located in a FEMA Disaster-Declared Parish.
- Eligible projects may include market-rate units (with some units unrestricted as to rent or initial household income), but must include affordable units.
(restricted as to rent and initial household income)
All applicants will be LIHTC single asset entity limited partnerships. General partners of these limited partnerships may be for- or non-profit entities. A PHA may participate as general partner.
Pools of Reserved Funds
Mixed Income Pool—$10M: Projects that elect points under QAP Scoring Criterion I.A (Deconcentration Projects) will automatically compete in the Mixed Income Pool. Deconcentration Projects which are not awarded funds in the Mixed Income Pool will automatically compete in the General Pool (see below). Unallocated funds (if any) from the Mixed Income Pool will flow to the General Pool.
To be eligible as a Deconcentration Project, at least 40% of the units and up to 60% of the units must not be low-income units (i.e., 40% to 60% of the units must either be market, or have rent and income restrictions above 60% of AMI). Eligible Applicants, above—in no case may more than 49% of units be unrestricted, or restricted above 80% of AMI.
General Pool—$23.85M: Projects that do not elect points under QAP scoring criterion I.A. (Deconcentration Projects) will complete only in the General Pool. Deconcentration Projects which are not funded in the Mixed Income Pool, will compete in the General Pool, but will do so without any points awarded for QAP scoring criterion I.A.
When Does the Program Start?
The Program’s estimated timeline is below:
|Notice of Funding Availability||December 15|
|Application Period Open||Close of Business December 19||Application Deadline||March 16|