Please be advised that the Louisiana Housing Corporation (LHC) has paused the funding round timeline for applicants requesting bond financing through the PRIME 3 Low Income Housing Tax Credit (LIHTC) and Community Development Block Grant – Disaster Recovery (CDBG-DR) funding round. This decision is based on recent developments and ongoing conversations with the State Bond Commission (SBC) regarding costs associated with the development of multifamily housing.
LHC has been advised that the SBC has engaged the Louisiana Legislative Auditor (LLA) to analyze development costs across the state in order to inform policy decisions regarding setting cost limits at the SBC level. It is important that the LHC does not proceed with awarding funding until further guidance is issued by the SBC. Any awarded projects requesting bonds will require SBC approval. Accordingly, prospective awards may require adjustments based on any resulting newly established policy enacted by the SBC.
LHC is committed to keeping all stakeholders informed throughout this process. Further information will be provided as soon as it becomes available.
Please note that this notice applies only to applicants requesting bond financing through PRIME 3. Developments previously awarded 9% LIHTC will proceed to be funded under the 9% pools (Laura/Delta and Ida Pools). These projects have met the minimum requirements established by the Qualified Allocation Plan (QAP) and do not require further approval from the SBC.