Overview of program updates and initiatives discussed and approved during the
September 2020 Board of Directors Meeting.
LHC's Board of Directors approved $167 million to develop 640 affordable rental units across five Louisiana parishes.This multi-million dollar investment represents a combination of LHC's Low-Income Housing Tax Credits (LIHTC) and Multi-family Revenue Bonds (MRBs) and Community Development Block Grant (CDBG) funds administered by the State of Louisiana Office Community Development.
The approved developments represent a mix of new construction and preservation projects that aim to assist working families, households with children, seniors, and people with disabilities.
The Multi-family Mortgage Revenue Bond program uses tax-exempt bonds to provide below market-rate loans to developers who set aside a certain percentage of their apartment units for low income families. The bonds are leveraged with 10-year 4 percent Low-Income Housing Tax Credits (LIHTC).
The following properties were approved for bond issuance:
RNDC Baton Rouge - East Baton Rouge Parish
$32.5 Million ($14.1M MRB; $9.4M LIHTC; $9M CDBG), 110 units
Hammond Station Apartments - Tangipahoa Parish
$21.6 Million ($8.2M MRB; $5.7M LIHTC; $7.7M CDBG), 67 units
Chef Menteur Apartments - Orleans Parish
$13.9 Million ($10M MRB; $3.9M LIHTC), 42 units
Peace Lake Towers - Orleans Parish
$23 Million ($14.5M MRB and $8.6M LIHTC), 131 units
The following projects received final approval:
The Lemann Building - Ascension Parish
$17.7 Million ($8M MRB; $4.4M LIHTC; $5.7M CDBG), 42 units
The Reserve at Juban Lakes - Livingston Parish
$29.2 Million ($14M MRB; $6.7M LIHTC; $8.5M CDBG), 132 units
Lotus Village - East Baton Rouge Parish
$29.5 Million ($12.1M MRB; $7.45M LIHTC; $10M), 116 units
LHC's Board of Directors approved a resolution to extend the State's 2021 Qualified Allocation Plan (QAP) timelines in an effort to address the widespread impact of Hurricane Laura across the State of Louisiana.
The QAP is a planning document that State Housing Finance Agencies (HFAs) are required to develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs). Louisiana's 2021 State Qualified Allocation plan was initially approved in August.
An updated 2021 QAP program schedule can be found below.
LHC's Board of Directors approved a resolution authorizing $30 million of 2017 private activity bond volume cap.
The resolution's approval extends funding to LHC's Mortgage Credit Certificate (MCC) program. MCC is a valuable offering from the agency that assists first-time homebuyers, veterans, and low-to-moderate income buyers purchasing a home.
Homebuyers who use the MCC program can take a federal tax credit of up to 40 percent of their annual mortgage interest payments for the life of their loan if they occupy the property as their primary residence. MCC can be used in conjunction with LHC's down payment assistance programs and any first-time homebuyer loan product except mortgage revenue bonds.
Click here for more information about the MCC program.
LHC's Board of Directors approved a resolution allowing the corporation to contract with Lakeview Loan Servicing, LLC.
The move adds increased production, participation and appreciation to LHC's
line-up of mortgage and service offerings while extending access and availability
to Louisiana homebuyers.
Lakeview Loan Servicing, LLC is the fourth largest mortgage loan servicer in the country. Their in-house team of mortgage loan experts focus on assisting customers with new home financing, restructuring and payment modification.
The Board of Directors adopted a resolution approving the Louisiana 2021 Low Income Home Energy Assistance Program (LIHEAP) Grant Application.
LIHEAP is a program that reduces the national and state consumption of fossil fuels and imported oil and helps eligible low-income families reduce their residential heating and cooling energy costs.
Click here for more information about LIHEAP.
McIntrye was appointed to the Board by President of the Louisiana Senate Patrick Page Cortez in August 2020.
McIntyre currently serves as the Compliance Officer for b1BANK and enthusiastically contributes to numerous committees and functional areas in
her role.
Ericka earned her Bachelor of Science degree in Communication Disorders at Bowling Green State University. In 2016, she earned the Certified Regulatory Compliance Manager (CRCM) certification through the American Bankers Association and joined b1BANK as Compliance and Community Reinvestment Act Officer.
Erika McIntyre, b1BANK
LHC Board Member
Continuum of Care Manager Gordon Levine conducted an in-depth presentation regarding Louisiana's Continuum of Care for the Board of Directors and members of the public.
The Continuum of Care (CoC) Program is the largest competitive grant funding source at the United States Department of Housing and Urban Development (HUD) and the largest funding source dedicated to homelessness in Louisiana.
LHC is the lead agency and administrator of the program and provides assistance to a network of providers across the state that fund rapid rehousing, permanent supportive housing, planning and homeless management information system services. LHC was awarded approximately $14 million for the CoC Program in Fiscal Year 2020. View the presentation below.
Gordon Levine
Continuum of Care Manager
