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:
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.
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.
Small Project Continuation Project Description may be accessed here.
Small Project Continuation Homeownership Development application may be accessed here.
Small Project Continuation Rental Development application may be accessed here.
