The Louisiana Housing Corporation (“LHC”) will implement the Louisiana Neighborhood Landlord Rental Program (“LNLRP Initiative”) to provide assistance to landlord applicants (“Eligible Applicants”) experienced in renting residential properties to tenants or developing in-fill residential rental housing to be located in areas adversely affected by the 2016 Severe Storms and Flooding Events. Under the LNLRP Initiative, LHC will accept applications from Applicants who will construct new residential rental housing units (“New Units”) or will renovate residential rental housing units (“Existing Units”) in a Qualified Project located in one of the parishes declared to be disaster areas (“Eligible Parish”) as a result of the March 2016 and August 2016 Severe Storms and Flooding.
Total funding available for the LNLRP is $36 million for loans. 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?
An Applicant must either partner with a pre-qualified commercial lender (“Lender”) who commits to providing the Applicant construction financing (“Construction Loan”) and/or fund all development costs with the Applicant’s own funds for all construction monitored by the LHC. An Applicant using non-borrowed funds to finance construction must submit to the LHC a Closing Docket and arrange to commence construction financing.
The Take-out Commitment will occur on the Conversion Date following completion of construction or renovation of a residential housing unit. All assisted units will be restricted to affordable rents during an affordability period.
Who Is Eligible?
To be eligible for benefits under the LNLRP, an applicant must meet the following criteria:
Rental Property Eligibility Requirements
In order for a property to be eligible to be repaired, reconstructed or newly constructed under the LNLRP initiative, a property must meet the following criteria:
NLRP Closing Documents For Lenders Using Their Own Closing Document
NOTE BEFORE AN APPLICATION IS SUBMITTED ALL REQUIRED DOCUMENTS BELOW MUST BE PRESENT
Required Application Documents
*All below documents should be included with each application to be considered complete*
Special Flood Hazard Zones are labeled as Zone A, Zone AO, Zone AH, Zones A1-A30, Zone AE, Zone A99, Zone AR, Zone AR/AE, Zone AR/AO, Zone AR/A1-A30, Zone AR/A, Zone V, Zone VE, and Zones V1-V30.
Allowable Tenant Rents and Utility Allowance by Parish/City
Lenders Who Expressed Interest in the Program
This list will be updated as more lenders express interest
|Bank Name||Areas Served||Contact Name||Contact Number|
|Guaranty Bank||East Baton Rouge||Terry Brown||985-974-2780|
|Home Bank||Lafayette, Baton Rouge, New Orleans, and Northshore||Brandon Kelly||225-300-8327|
Ascension, East Baton Rouge, Lafayette, Livingston, Tangipahoa, Shreveport, St. Tammany
|WoodForest National Bank||Lake Charles, Lafayette, Eunice, Jennings, Houma, Baton Rouge, Tangipahoa, Orleans-Metairie MSA (10 parishes), Alexandria, Monroe, Morehouse, Lincoln, Shreveport||K. Lavon Burbank||504-261-5067|
Are you not able to Complete the Application Via the Website?
If you are unable to submit the application online, you may call 225-763-8700. A program staff member will assist you in filling out the application. If the application is being taken by phone, all application documents should be mailed to the following address:
Louisiana Housing Corporation
Re: The LNLRP Initiative
2415 Quail Drive
Baton Rouge, LA 70808
Please include applicant/company name & return address
Do you have any questions about the program? Please email email@example.com
|Outreach and Marketing of Program to Lenders||May 5|
|Notice of Funding Availability||
|NOFA FAQ’s Published||June 9|
|Application Intake Deadline||September 30|
|Commitment Letters Issued Continuously After This Date on a First Come First Served Basis||July 3|
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