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SMALL PROJECT CONTINUATION PROGRAM

ABOUT THE PROGRAM

The Louisiana Housing Corporation (LHC) offers the Small Project Continuation Program to address a portion of the unmet housing needs of the state by soliciting developers of small projects previously funded by LHC that are interested in undertaking an expansion of their affordable housing development. This Program specifically targets existing projects with fewer than 10 units that has the demonstrated market demand to support the expansion to not more than 11 additional units. The LHC will give priority in funding to:

  • Projects that have environmental clearance for the proposed development;
  • Proposals that involve the preservation of existing housing stock;
  • Applications for projects that benefit household that earn 30% AMI or less, and;
  • Projects with design features that target the needs of elderly households

No less than four million ($4,000,000) dollars of HOME Investment Partnerships Program funds will be made available through the Small Project Continuation Program with a maximum award of one million ($1,000,000) dollars.  

Applications will be processed and awards made until the funds are exhausted. Projects will be considered on a first come first served basis with “first come” being defined as a complete application inclusive of information necessary for LHC staff to accurately complete the underwriting process.   Potential applicants are strongly encouraged to discuss the project proposals with LHC staff in order to ensure consistency with LHC goals. The LHC reserves the sole right to approve or reject any and all applications on such basis as it deems to be in its best interest.

PROGRAM OVERVIEW

Homeownership development funds may be used to pay eligible costs associated with the
acquisition and rehabilitation of existing single-family homeownership units. The housing units are to be sold to eligible households whose household income is equal to or less than 80% of the area median income.

The value of the homes produced (appraised value after rehabilitation or new construction) cannot exceed HOME/Housing Trust Fund Sale Price Limit for the year in which the project is originally funded. The homes produced must be sold to an eligible buyer through a fee simple sale within nine months of completion of the construction.

ADDITIONAL INFORMATION

Additional information regarding specific program requirements is provided in the 2017 Small Project Continuation Pilot Program NOFA (Click Here for additonal information).