The Louisiana Housing Corporation (LHC) released a Notice of Funding Availability (NOFA) for the Restore Louisiana Piggyback Program totaling more than $33 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds to address long-term housing needs in parishes impacted by the 2016 floods. This program is designed to fund projects that create or preserve affordable multifamily rental housing across Louisiana.
All developments funded through the program must benefit moderate- and low-income residents. HUD defines “moderate-income” residents as those families whose total household income, adjusted for family size, is less than 80% of the Area Median Income (AMI), and “low-income” residents whose income is less than 50% AMI. Two competitive application pools have been created: general and mixed-income. Funds will be awarded until exhausted.
Applications are due by 4 p.m. CST March 16, 2018. Awardees will be announced no later than May 9, 2018.
Developers and parties interested in applying should visit the program’s webpage or call (888) 454-2001.
