Louisiana Housing Corporation's Monthly Newsletter

November 2024

Catch up on all things #TeamLHC. See where we've traveled, projects completed, board meeting recap, public funding announcements, and more.

LHC's mission is to ensure that every Louisiana resident is granted an opportunity to obtain safe, affordable, energy-efficient housing. We administer federal and state funds through programs designed to advance the development of energy-efficient and affordable housing for working families, drive housing policy for Louisiana, and oversee the state's Disaster Housing Task Force.

Each day, our mission is met by a dedicated staff of professionals who help families make their housing dreams a reality.

To access information about a topic highlighted in the newsletter, simply click on the graphic, image, button, or hyperlink.

LHC Transitions to New Master Servicer

Transitions to New Master Servicer Lakeview Loan Servicing

Lakeview and Louisiana Housing Corporation (LHC) are pleased to announce that starting Wednesday, November 20th, 2024 all new loan reservations will be accepted with Lakeview Loan Servicing as Master Servicer. All existing programs currently offered by LHC (Mortgage Revenue Bonds (MRB), Keys for Service, CDBG Assisted etc.) will be serviced by Lakeview Loan Servicing, and rate sheets will be transmitted daily as usual. Please note that Lakeview does not permit conventional manufactured homes or construction to permanent programs at this time.

Project Highlights

MID-CITY LOFTS

Mid-City Lofts received an allocation of 9% Low-Income Housing Tax Credits (LIHTC) from LHC. The development also received $3.5 million through the PRIME-3 Program, a collaborative funding source from LHC and the Office of Community Development.

CYPRESS AT ARDENDALE PHASE 1

LHC awarded $42M in Multifamily Housing Revenue Bonds and $3M in Low Income Housing Tax Credits (LIHTC). Through the partnership with the Office of Community Development, $4.5M was awarded through the 2016 Flood Piggyback Program. In addition to the $4.5M, there was an $8 million in a direct loan from the Floods allocation.

EDEN GARDENS

LHC supported this development via an $800K award of Low Income Housing Tax Credits (LIHTC) and $3.2M in HOME funds. "The support provided by LHC funds offers crucial financial assistance to housing developers to buy, build, or rehabilitate affordable housing options," said LHC Executive Director of Governmental Affairs Jarvis Lewis. "Eden Gardens is a shining example of what true partnership looks like when developing affordable, safe, and efficient housing options in communities across our state.”

LHC On Your Block travels to Shreveport, LA, to highlight Solid Ground Safe Haven. This low-barrier shelter offers supportive services to help those experiencing chronic homelessness and has 37 beds for those seeking shelter. Hunger and Homeless Awareness Month takes place in November, and #TeamLHC decided to put on a donation drive to aid shelters like Solid Ground Safe Haven. Do your part this month and donate adult socks, baby socks, blankets, and books in the brown boxes at LHC state office locations.

Locate #TeamLHC

Covington, LA

#TeamLHC welcomed the Johnson Family and Blessey Family as our newest homeowners. LHC awarded $1M HOME funds to the Square 60 Project which helped with the construction of 10 homes. We are thrilled to support this development and create this new opportunity for Homeownership in Louisiana.

New Orleans/Chalmette Homeownership Seminar

LHC's Homeownership Team worked with At Home Realty Group to put on LHC's 'Closing the Affordability Gap: What Every Real Estate Agent Should Know' Seminar.

Natchitoches

#TeamLHC helped put on the "Welcome Home" homebuyer event in Natchitoches, LA. Lenders, realtors, industry professionals, and community agencies were ready on-site to assist attendees.

LHC Board Of Directors Meeting Recap

LHC Board of Directors Approve Over $477M in Multifamily Housing Revenue Bonds

Budget & Finance Committee Matters:

The Board of Directors accepted the resolution to adopt the LHC Operating Budget for the Fiscal Year Ending June 30, 2025.
Discussed LHC Financial Reports.

Program Committee Matters:

Approved the inclusion of Lakeview Loan Servicing, LLC, a Delaware limited liability company in the definition of Master Servicer under the Series 2024C/D/E Program.
Approved the authorization of not exceeding $9M in Multifamily Housing Revenue Bonds for Grand Oaks located at the intersection of Belleview Drive and Pecan Place, Plaquemine, Iberville Parish, Louisiana 70764.
Accepted the supplemental resolution for the proposal of Greystone Housing Impact Investors LP for the purchase of an additional $5M of Taxable Governmental Notes to serve as a bridge loan financing above the previously approved $18M Multifamily Governmental Notes for Natchitoches Thomas Apartments located at 500 North Street, Natchitoches, Natchitoches Parish, Louisiana.
Approved the issuance of not exceeding $19.5M Multifamily Housing Revenue Bonds for 263 Third located at 224 Florida Street and 263 Third Street, Baton Rouge, East Baton Rouge Parish, Louisiana 70801.
Approved the issuance of not exceeding $10M Multifamily Housing Revenue Bonds for Barret Senior Lofts located at 2600 Barret Street, Shreveport, Caddo Parish, Louisiana 71104.
Approved the issuance of not exceeding $52.215M Multifamily Housing Revenue Bonds for The Batture Apartments located at 1494 Tchoupitoulas Street, New Orleans, Orleans Parish, Louisiana 70130.
Approved the issuance of not exceeding $19.5M Multifamily Housing Revenue Bonds for BW Cooper Senior located at 3401 Erato Street, New Orleans, Orleans Parish, Louisiana 70125.
Approved the issuance of not exceeding $25M Multifamily Housing Revenue
Bonds for Central Point Senior Village located at 11 Azalea Road, Pineville, Rapides Parish, Louisiana 71360.
Approved the issuance of not exceeding $9.75M Multifamily Housing Revenue Bonds for Fairfield Building Lofts located at 1600 Fairfield Street, Shreveport, Caddo Parish, Louisiana 71104.
Approved the issuance of not exceeding $15,034,454 Multifamily Housing Revenue Bonds for Franklin Senior Apartments located at 1501 Hospital Avenue, Franklin, St. Mary Parish, Louisiana 70438.
Approved the issuance of not exceeding $24M Multifamily Housing
Revenue Bonds for Hampton Park located at 9614 Florida Blvd., Walker,
Livingston Parish, Louisiana 70785.
Approved the issuance of not exceeding $21M Multifamily Housing Revenue
Bonds for Imperial Terrace is located at 5041 Imperial Drive, Houma, Terrebonne Parish, Louisiana 70360.
Approved the issuance of not exceeding $11M Multifamily Housing Revenue Bonds for Lake Charles Mid-City Seniors located at 2900 block of Creole Street, Lake Charles, Calcasieu Parish, Louisiana 70601.
Approved the issuance of not exceeding $92M Multifamily Housing Revenue
Bonds for NSA East Bank Apartments located at 4400 Dauphine Street, New
Orleans, Orleans Parish, Louisiana 70117.
Approved the issuance of not exceeding $11M Multifamily Housing Revenue Bonds for Richmond Terrace located at 8775 Richmond Drive, LaPlace, St. John the Baptist Parish, Louisiana 70068.
Approved the issuance of not exceeding $23M Multifamily Housing Revenue
Bonds for Sherwood Park is located at 5325 Lower Zachary Road, Zachary, East Baton Rouge Parish, Louisiana 70791.
Approved the issuance of not exceeding $24M Multifamily Housing Revenue Bonds for Villas 225 located at 6127 Mallard Crossing Drive, Zachary, East Baton Rouge Parish, Louisiana 70791.
Approved the issuance of not exceeding $8.25M Multifamily Housing Revenue Bonds for Wildwood Townhomes located at 43110 Happywoods Road, Hammond, Tangipahoa Parish, Louisiana 70403.

Audit Committee Matters:

Discussed the November 7, 2024, Performance Audit on Affordable Housing Programs in Louisiana Notice from the Louisiana Legislative Auditor.

Administration Committee Matters:

Discussed and received an update from the Task Force overseeing the hiring of the LHC Chief Financial Officer.
Discussed regarding establishing protocols to allow Board access to LHC internal network files and documents.
Discussed the action regarding the LHC Staffing Plan and received an update on current vacant positions.
Approved the resolution of designating LHC's Executive Management Team
Discussed LHC Grievance Hotline for Employees
Discussed HOME Program, NOAH, CHAAP, and CSAR released prior to approval, and use of HMS versus spreadsheets.
Discussed and received an update regarding CHDO disbursement of operating funds, Recertification, and Quarterly Meetings.
Discussed and received an update regarding the LHC Environment Department.
Discussed repairs at Willowbrook Apartments.
Received an update on Mid-City Apartments Facility's rental occupy.

LHC Recognizes Veterans Day

On Veterans Day #TeamLHC recognized the individuals who made the ultimate sacrifice in serving the United States of America through the armed forces. LHC proudly recognized three of our veterans for this federal holiday. We commend their bravery and their determination to keep serving.

Turkey Carving Contest with St. Vincent de Paul of Greater Baton Rouge

#TeamLHC joined St. Vincent de Paul of Greater Baton Rouge for their annual turkey carving contest just in time for the holidays. We enjoy being a part of this fun activity, while also shedding a light on Hunger and Homelessness Awareness Month. A special thank you to St. Vincent de Paul of Greater Baton Rouge and LHC’s Homelessness Solutions staff for all of their efforts in serving the homeless population in Louisiana.