RESTORE LOUISIANA PIGGYBACK PROGRAM

 

Restore Louisiana Piggyback Program

Overview 

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.  

Eligible Projects 

-    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)

Eligible Applicants  

 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.

 

More eligibility and further requirements may be found within the published "NOFA" below:

 

 

2018 Piggyback Notice of Funding Availability 9.1b 

Program Documents 

 

Addendum No. 1 2018 Piggyback NOFA

Addendum No. 2 2018 Piggyback NOFA

FAQ's

2018 Piggyback Workshop PowerPoint Presentation 

2018 Piggyback Application (Excel)

2018 Piggyback Application (Word Version)

 

Legal Documents

 

 

 Important Dates

 

Title Date (2018) Time
NOFA Published and Posted to LHC Website December 15, 2017  4:00 PM CST
Deadline to Submit Written Inquiries to LHC January 12 4:00 PM CST
Posting of FAQ in Response to Written Inquires January 19 4:00 PM CST
Application Deadline March 16 4:00 PM CST
Award of Applications May 9 4:00 PM CST

 

 Workshops 

Location Address Date Time Call in Number Link
Louisiana Housing Corporation 2415 Quail Dr. Baton Rouge, LA 70808 2/15/2018  9:00AM 1-605-475-5613 Passcode 700520 https://louisianahousingcorp.globalmeet.com/SustainableHousing

Louisiana Housing Corporation

 

   2/21/2018  9:30AM