The Louisiana Housing Corporation (LHC) will officially announce a $42 million Community Development Block Grant (CDBG) Notice of Funding Availability (NOFA) on Wednesday, December 11 during its regularly scheduled board meeting. These CDBG funds will be combined with 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 HUD. Eligible parishes include Acadia, Ascension, East Baton Rouge, Lafayette, Livingston, Ouachita, St. Tammany, Tangipahoa, Vermilion and Washington. Projects located in Special Flood Hazard Areas are not allowed.
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. LHC anticipates that five to eight developments will be funded through the PRIME NOFA. An informational session will be held following the issuance of the NOFA.
