June 7th, 2023-- LHC Board of Directors says Farewell to Chairman Anthony "AP" Marullo, III. Wednesday, Chairman Marullo made an announcement during a meeting of the Louisiana Housing Corporation Board of Directors, stating that he will not pursue another term as Chairman of the LHC Board. Marullo joined the LHC board in June 2020 and assumed the role of Chairman in July 2021. Over the past three years, he has collaborated with fellow board members and the LHC to achieve optimal outcomes in the realm of affordable housing. Marullo will serve as chairman through the end of his term in December 2023. The LHC expresses its gratitude to Chairman Marullo for his dedicated years of service.
LHC’s Board of Directors has approved an allocation of up to $11.8 million for the Galilee City Apartments project located at 1600 Park Avenue in Shreveport. The focus of this project is the acquisition and rehabilitation of seven buildings comprising a total of 76 units. These apartment buildings consist of both one and two stories. Galilee City Apartments is a former Low Income Housing Tax Credits (post-compliance) project in Shreveport. It is anticipated that all necessary resident relocation will occur on-site, with no permanent relocation required.
This multifamily housing development falls under an established maximum qualified basis and low-income housing credits. The authorized staff and legal counsel will prepare the necessary documents and agreements to allocate 4% Low-Income Housing Tax Credits (LIHTC) to the facilities.
“Affordable housing is the anchor for economic development, workforce development, and the revitalization of our communities,” said Executive Director Joshua Hollins. “Access to affordable housing provides immediate and long-term fiscal benefits to the state and localities because it creates employment opportunities and spurs spending in the local economy.”
The LIHTC program provides subsidies of either 30% or 70% of the costs in low-income rental projects. The 30% subsidy, commonly referred to as the "automatic 4% tax credit," applies to new construction projects that include additional subsidies or can be utilized for the acquisition costs of existing buildings. The 70% subsidy, known as the "9% tax credit," supports new construction projects without additional federal subsidies.
LHC’s Board of Directors has approved the allocation of Multi-family Housing Revenue Bonds up to $11.5 million for the construction of Highland Place Townhomes in Monroe.
This new residential complex will consist of 70 units and will be located on the westside of Highland Street at the intersection with Honeysuckle Street. The primary purpose of this development is to provide housing options for families with limited incomes, offering units at various affordability levels based on Area Median Income (AMI), including 20%, 40%, 60%, and 80% AMI. All units will be subject to Low Income Housing Tax Credit (LIHTC) restrictions.
The Multi-family Mortgage Revenue Bond Program utilizes tax-exempt bonds to offer developers below-market-rate loans, on the condition that a specific percentage of the apartment units are reserved for low-income families. These bonds are further leveraged by 10-year 4 percent tax credits.
LHC’s Board of Directors has approved a resolution of intention to issue Multi-family Housing Revenue Bonds, up to $17.5 million, for two projects: Landry Commons and the Loop Commons Complex in Lafayette. These new construction developments will consist of 96 units within eight buildings. All units will be designated as affordable housing, catering to a range of households with incomes spanning from 20% to 80% of the Area Median Income (AMI).
Both developments will adhere to the FORTIFIED Gold and Green Communities Standards. This signifies that the complexes will incorporate resilient building techniques to withstand natural disasters and ensure the safety of residents.
“Throughout much of our state, there is a tremendous need for affordable and workforce housing,” said Chairman Anthony “AP” Marullo, III. “Housing opportunities enhance the ability for our small towns and big cities to attract additional employment opportunities while increasing its regional competitiveness.”
In addition to the apartments themselves, the amenities offered will include a community space, a dog park, balconies, and off-street parking.
LHC provided an update on the Low Income Home Energy Assistance Program (LIHEAP) in anticipating of rising summer temperatures. Louisiana received $85 million in LIHEAP funding from the Department of Health and Human Services this year.
|
Fiscal Year 2023: - $51.4 million allocated for Heating (extended 3/15/2023), Cooling and Crisis benefits - Crisis Benefit is up to $1,000; Heating and Cooling Benefit ranges from $200-$800 each - $8 million allocated for Weatherization - $12.8 million allocated for Emergency Supplemental (offering an additional $200 supplemental benefit). - $12.8 million allocated for Disaster Supplemental (offering an additional $200 supplemental benefit).
The LHC's Energy Assistance and Weatherization Programs were recently featured on WAFB Channel 9. If you missed the segment, you can click below to watch it in its entirety. |
Throughout this week, LHC will highlight and honor our employees for their hard work and dedication. Check out some of our highlights for this week. Be sure to follow us on our social media platforms to stay updated. 
Watch Video of Caronda Stanley
