News for February 2017

LHC Releases Non-Profit Open Cycle Affordable Housing Program
  
The LHC has released a $4 million Non-Profit Open Cycle Affordable Housing Program (NOAH) designed for the development of projects containing 1-4 units at a maximum of $400,000 a project. 

Funding for the program comes from the federal HOME Investment Partnership program and will be geared toward the development of new construction and acquisition/rehabilitation projects serving low- to moderate-income tenants.

Non-profit applications for the NOAH program will be accepted on a first-come basis and awarded until all funds are exhausted. If you are interested in applying, contact Robert McNeese at rmcneese@lhc.la.gov to arrange a pre-submission meeting or to discuss any questions you may have regarding the program.    
LHC to Host LIHTC Workshop February 9
The third 2017 Low Income Housing Tax Credit (LIHTC) application workshop will be held on Thursday, February 9, 2017 at the Louisiana Housing Corporation, in the V. Jean Butler Board Room located at 2415 Quail Drive, Baton Rouge, Louisiana 70808 from 9:30 a.m. to 11:00 a.m. CST. This will be the last of three application workshops being held in advance of the state's issuance of the 2017 Draft Qualified Allocation Plan.
 
Workshop attendance is not required. However, all stakeholders and anyone with an interest in developing affordable housing through the LIHTC program is invited to attend. 

Attendees will be able to provide comments and feedback related to the 2017 QAP as it relates to the following topics: Application Review and Scoring, Appeals Process and Exit Interview, Post Award Requirements, Compliance, and Long Term Affordability.  Please bring a copy of the 2016 QAP to the workshop for reference. 
LHC Launches New Tax Credit Program for Select Homebuyers

The LHC has launched a new $5 million program that will enable first-time homebuyers, veterans and individuals purchasing a home in certain areas of the state to take up to a $2,000 annual tax credit on top of available grants for down payment assistance and closing costs.
 
The Mortgage Credit Certificate (MCC) Program will be available statewide and enables first-time homebuyers to take up to 40 percent of their annual mortgage interest payments as a tax credit against their personal income tax. 

The LHC defines a "first-time homebuyer" as a Louisiana resident who has not owned a principal residence in the past three years, so previous homeowners may still qualify. The first-time homebuyer requirement is waived for applicants who are qualified veterans and individuals who purchase homes in a  Federally Designated Targeted Area .
 
For more information, visit  www.lhc.la.gov/page/MCC  or call the LHC toll-free at 1-888-454-2001. 

Homelessness in La. Has Declined 68 Percent Since 2009

Homelessness in Louisiana has declined 68 percent over the past seven years according to HUD's annual Point-in-Time (PIT) count, which tracks the number of homeless people living in shelters or on the streets on a single night in January. The count showed that there were an estimated 3,994 homeless people in the state in 2016, compared to 4,081 the prior year, and 12,504 in 2009.

Last year the LHC and Louisiana Housing Authority (LHA) was able to assist 7,451 people who were homeless or at risk of becoming homeless. There is still much work to do, especially after the March flooding in north Louisiana and historic August flood in south Louisiana.

The LHA will continue to implement the Permanent Supportive Housing (PSH) Program to reduce the number of homeless individuals in Louisiana. The program provides rental assistance to homeless individuals averaging $700 a month. 

Additional homeless eradication efforts will be funded through HUD's $12.8 million award to Louisiana's Balance of State Continuum of Care. Of this amount, $590,924 will go toward a new rapid re-housing bonus project that will serve at least 56 households experiencing homelessness.

251 Participants Take Part in LHC Lender Training

LHC's Single Family team held a two-day, four-session Lender Training Kick Off on January 19 and 24.  Two hundred fifty one people participated in the webinar trainings which highlighted down payment assistance programs and the new Mortgage Credit Certificate Program.

Entitled "Everything a Lender Needs to Know About LHC's Single Family Programs," the goal of the trainings was to engage, educate and empower lenders to push forward in using LHC products. 

  LHC will hold similar trainings  for lenders quarterly with a complete program overview followed by Q&A and ongoing technical support. The team will hold monthly trainings as needed for new and existing lenders to ensure their success.
 
In addition, LHC's Marketing Representative Casie McMurray travels around the state presenting informational sessions about LHC programs. To schedule a one-on-one with Casie, email CMcMurray@lhc.la.gov. 
Important Notices





Disaster Resources

Mark Your Calendar

2/9/17: Special LHC board meeting at 9:00 a.m.

2/9/17: LIHTC Workshop at 9:30 a.m.

2/15/17: Annual owner's certification and monitoring fees due from owners/developers of LIHTC properties (see attached)

3/15/17: LHC board meeting

4/12/17: LHC board meeting

5/10/17: LHC board meeting

6/14/17: LHC board meeting

7/12/17: LHC board meeting

8/9/17: LHC board meeting

9/13/17: LHC board meeting

10/11/17: LHC board meeting

11/8/17: LHC board meeting

12/13/17: LHC board meeting


January 2017
Board Approvals
  • $355,000 in 2016 LIHTC for financially distressed projects located in the disaster parishes impacted by the March and August floods
  • $50 million in notes from the Federal Home Loan Bank of Dallas to make first-time homebuyer loans
Did You Know?

Louisiana was featured in a national study linking Medicaid and Supportive Housing. 

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