May 2025—The Louisiana Housing Corporation (LHC) is proud to recognize May as Affordable Housing Month. It is a time to raise awareness about the critical need for affordable housing across the state and to celebrate LHC's progress in providing safe, affordable, and energy-efficient housing to Louisiana residents.
Affordable Housing Month is an opportunity to highlight the importance of affordable housing in Louisiana communities. The U.S. Department of Housing and Urban Development (HUD) generally defines housing as "affordable" when it costs no more than 30% of the household's gross income including utilities. Currently, affordable housing options may be difficult to find for the average person. According to the National Low Income Housing Coalition Out of Reach 2024 Report, Louisiana's Fair Market Rent (FMR) for a two-bedroom apartment is $1,150. To afford this level of rent and utilities, without paying more than 30% of income on housing, a household must earn $3,833 monthly or $45,999 annually. The current minimum wage for someone working in Louisiana is $7.25.
Aligning with LHC's mission, the state agency dedicates itself to ensuring affordable housing opportunities for Louisiana residents. Within the past year, LHC has made significant strides in the affordable housing realm, whether through homeownership or renting.
In 2024, LHC provided $193,452,701 in homeownership loan production with a total of 1,059 loans. LHC's homeownership programs can provide down payment and closing cost assistance to help those under a specific area median income (AMI). Without this assistance, these homeowners may not have been able to purchase a home. LHC even holds monthly homebuyer education courses that help potential homebuyers learn more about low-interest loans, credit and budget management, homebuyer rights, and other assistance programs that can benefit them in purchasing their dream home. In 2024, LHC had 1,001 Homebuyer Education Graduates.
LHC also worked to increase affordable housing stock for renters in Louisiana. In 2024, LHC funded $54,543,148 of low-income rental units through the Low Income Housing Tax Credit Program (LIHTC). Through this program, it created or rehabilitated a total of 3,297 affordable housing units. The multifamily units provide safe and affordable housing for residents of Louisiana, while also creating public and private partnerships allowing LHC to invest in communities.
Through LHC's rental programs, it provides renters decent, safe, affordable, and community-based housing that coincides with tenants' rights of tenancy and connects to voluntary and flexible support services for people with low incomes and chronic, disabling health challenges. In 2024, LHC gave out 1,414 Project-Based Vouchers, 212 Tenant-Based Vouchers, 136 Non-Elderly Disabled Vouchers, 124 Emergency Housing Vouchers, and 10 Veterans Assistance Supportive Housing Vouchers.
LHC provided affordable housing success to Louisiana residents in 2024, but significant work needs to be done to close the affordable housing gap. "Affordable Housing Month serves as a reminder of the critical role housing plays in our communities and economy," said LHC Executive Director Kevin Delahoussaye. "Affordable homes are not only essential to individuals and families, but they are also crucial to the state's workforce, healthcare, education, and overall prosperity."
The LHC encourages residents, community leaders, and stakeholders to participate in events and discussions throughout the month to promote awareness of affordable housing issues and explore solutions to address the housing challenges facing many Louisianans.
For more information on affordable housing programs and resources, visit the Louisiana Housing Corporation website.
To view more data on LHC's housing success of 2024, visit LHC's 2024 Annual Report.
