2023 PIGGYBACK RESILIENCE INITIATIVE – MIXED INCOME (PRIME 3)

PROGRAM DeSCRIPTION:

The rental market has been significantly impacted by Hurricanes Laura, Delta, and Ida.  The Piggyback Resilience Initiative – Mixed Income, or PRIME 3 Program, provides $230,000,000 of Community Development Block Grant Disaster Recovery (CDBG-DR) through our partnership with Office of Community Development – Disaster Recovery Unit (OCD-DRU).

This is the third PRIME program issued by LHC.  The program is competitive, and funding will be awarded to the highest-scoring applications. The PRIME 3 NOFA continues LHC’s mission to build disaster-resilient affordable housing for mixed-income families.  PRIME 3 objective is to create developments which feature substantial disaster-resilience characteristics, generally requiring  Insurance Institute for Business & Home Safety (IBHS) FORTIFIED Multifamily Gold certification and meet the 2020 Enterprise Green Communities criteria. 

QUALIFICATIONS:

• Must be located in a Laura, Delta or Ida Eligible Parish
• Residential buildings may not be located or partially within a flood zone.
• Must be a single asset entity organized as a for-profit LP or LLC.
• Developments must be combined with 4% LIHTC’s and bond financed mortgage proceeds or 9% LIHTCs.
• No applicant, person, or entity who is currently out of compliance with LHC and/or Louisiana OCD-DRU may apply

GET STARTED:

• Final NOFA posted October 13, 2023*
• Developer Seminar November 6^th 2023*
• Written Inquiries due by November 10^th 2023*
• Letter of Intent and Market Study fees, December 13^th, 2023*
• Application Deadline April 12^th, 2024*
• You can find the 4% LIHTC application here:  Low-Income Housing Tax Credit (LIHTC) Program (la.gov)
• https://www.lhc.la.gov/public-comments-and-notices?description=&type=8
  
• If you were unable to attend the Developer Forum held on Monday, November 6th, you can view a recording of the meeting by clicking the link: Prime 3 Developers Forum Passcode: =26Z1M?u

*Dates are subject to change

Important dates:

• Application Deadline, including payment of application and analysis fees:  Friday, April 12, 2024
• Deficiency Letters Issued by LHC to Applicants:  Wednesday, May 29, 2024
• Deficiency letter response deadline, by applicants to LHC: Wednesday June 5, 2024
• Award determinations: Wednesday June 26, 2024
• Closings, by or before: Wednesday, April 30, 2025
• Construction completion, by or before: Thursday, October 22, 2026
• 100% Occupancy, by or before: Monday, April 19, 2027