*******ATTENTION: THE APPLICATION DEADLINE FOR THIS PROGRAM HAS BEEN EXTENDED TO CLOSE OF BUSINESS 9/30/2017********
The Louisiana Housing Corporation (LHC) will issue Application Guidelines and open the Application Period for loans and grants for developers with multi-family structures of 20 or more units under the Multifamily Restoration Loan Fund (MRLF). Widespread flooding in 2016 has resulted in the loss of affordable rental units across more than 51 Parishes. Funds will be available to properties with existing affordability commitments for repair and restoration of flood impacted units. Under a separate branch of the program, existing market rate properties can be eligible for repair and restoration funds, as well as other costs necessary to transition to affordable housing.
Total loan and grant funding available for the MRLF is $38.25 Million, allocated across four pools to ensure participation across various parishes (HUD Most-Impacted and FEMA Disaster Declared), and across various property types (Public Housing, Existing Affordable Housing, and Market Rate conversions). This program is funded through the Community Development Block Grant Disaster Recovery Program (CDBG-DR) from the U.S. Department of Housing and Urban Development.
What Is Provided?
Who Is Eligible?
Loans (or, for Public Housing Authorities, grants) will be made available based on a scoring system that prioritizes financial efficiency (i.e., the lower the loan or grant relative to the maximum funds for which the project is eligible, the higher the score), and recognizes impact (i.e., points will also be awarded for the number of flood-impacted units returned to service).
To be eligible for a loan or grant under this Program, an applicant property must meet the following criteria (this listing is abridged, additional criteria apply):
Applicants are advised that their application must conform to the NOTICE OF FUNDING AVAILABILITY AND PROGRAM IMPLEMENTATION GUIDELINES, as amended.
LHC reserves the right to modify any of the below documents up until the loan closing.
Do you have any questions about the program? Please email email@example.com
|Notice of Funding Availability (Application Period Opens)||May 15|
|Deadline for Questions||
|NOFA FAQ’s Published||June 6|
|Application Deadline||September 30|
|Applicants Informed of Potential Award||June 23|
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