PIGGYBACK RESILIENCE INITIATIVE MIXED INCOME (PRIME)

 

“The Louisiana Housing Corporation (LHC) released a $60 million Community Development Block Grant (CDBG) Notice of Funding Availability (NOFA). These CDBG funds will be combined with Low-Income Housing Tax Credits (LIHTC) and bond-financed mortgage proceeds.

The Piggyback Resilient Mixed-Income (PRIME) NOFA is specifically designed to develop resilient multifamily properties in areas that were greatly impacted by the 2016 floods according to the U.S. Department of Housing and Urban Development. Eligible parishes include and are limited to Acadia, Ascension, East Baton Rouge, Lafayette, Livingston, Ouachita, St. Tammany, Tangipahoa, Vermilion, and Washington. Projects located in Special Flood Hazard Areas are not allowed.

PRIME will be administered in partnership with the Louisiana Office of Community Development (OCD). All projects will be required to incorporate resilient construction practices that use materials and techniques that increase a structure’s ability to withstand adverse weather conditions.

In addition to incorporating resilient construction practices, all projects must also be newly-constructed multifamily developments for mixed-income occupancy. All projects must be completed by March 31, 2022. It is projected that five to eight developments will be funded through the PRIME NOFA.”