Rural Affordable Housing Development Robby Bizot , Director of Recovery Housing Louisiana Housing Corporation

Welcome Robby Bizot Director of Recovery Housing Louisiana Housing Corporation 225-763-8701 rbizot@lhc.la.gov

Agenda Involvement of Rural Representatives Flood Small Rental Program Flood Piggyback Multifamily Program Dedication of HOME funds to Rural Area’s Attend or create local municipality associations

Flood Small Rental Program $45M Allocation to develop or rehab rental properties affected by the March and August Floods of 2016. 20,000 rental units affected by the floods. 51 affected parishes Most of the affected parishes are considered to be a rural parish. These two programs make a total of $74 million available for landlords and developers to restore the stock of available, affordable rental housing across the state Funding source - U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) for disaster recovery Developed in response to rental needs faced in the wake of the March and August 2016 flooding events in Louisiana Initial education/feedback workshops in April/May across state; application periods now open for both programs

Flood Small Rental Program cont. Process of creating the program 1. Involvement of Lenders in the construction process Office of Comptroller Input from lenders on how the process should work 2. Develop procedures that promote construction through out the state 3. Work with area non-profits and CHDO’s Pro’s (Lenders meet CRA Requirements) (Projects are paid off at completion- solidifies National Objective) (Lessens Program Delivery by relying on lender inspections)

Flood Small Rental Program cont. City City Population Parish Parish Popultaion % of Pop Paying 35% Amount Requested # of Units Arcadia 2,875 Bienville 13,786 27% $ 1,000,000.00 12 Breau Bridge 8,407 St. Martin 53,835 25% $ 6,000.00 1 Cotton Valley 965 Webster 40,021 35% $ 900,000.00 6 Cullen 1,115 $ 1,500,000.00 18 Independence 1,888 Tangipahoa 128,755 41% $ 50,000.00 Jennings 10,118 Jefferson Davis 31,439 33% $ 341,109.19 4 Jonesboro 4,571 Jackson 15,858 $ 3,000,000.00 31 Minden 12,577 $ 2,000,000.00 24 Opelousas 16,541 St. Landry 83,848 $ 500,000.00 5 Ville Platte 7,270 Evangeline 33,743 45% $ 3,225,000.00 23 Washington 953 88,848 $ 1,250,000.00 14

Flood Small Rental Program cont. Example of 6-plex to be built in Arcadia

Flood Piggyback Rental Program $33.85M Allocation to develop or rehab multifamily rental properties in the parishes affected by the March and August Floods of 2016. Leverage 4% LIHTC with other federal/ outside leveraging Open to all 51 affected parishes These two programs make a total of $74 million available for landlords and developers to restore the stock of available, affordable rental housing across the state Funding source - U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) for disaster recovery Developed in response to rental needs faced in the wake of the March and August 2016 flooding events in Louisiana Initial education/feedback workshops in April/May across state; application periods now open for both programs

Flood Piggyback Rental Program cont. Rent Burdened Parish Points Such parishes are considered Rent Burdened for purposes of this NOFA, and properties located in these parishes will automatically be awarded three [3] additional points in the competitive scoring. The identified parishes are East Carroll, Natchitoches, Lincoln, Claiborne, Bienville, De Soto, East Baton Rouge, Evangeline, St. Helena, St. Landry, and Madison. These two programs make a total of $74 million available for landlords and developers to restore the stock of available, affordable rental housing across the state Funding source - U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) for disaster recovery Developed in response to rental needs faced in the wake of the March and August 2016 flooding events in Louisiana Initial education/feedback workshops in April/May across state; application periods now open for both programs

Flood Piggyback Rental Program cont. Incremental Affordability Points Projects in which the ratio of units set aside at 50% AMI to units set aside at 60% AMI is equal to or greater than 1:3, or 33.33% For eligibility, for every three units at 60%, at least one unit must be at 50%. Projects selecting Incremental Affordability will earn an additional four [4] scoring points under this NOFA These two programs make a total of $74 million available for landlords and developers to restore the stock of available, affordable rental housing across the state Funding source - U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) for disaster recovery Developed in response to rental needs faced in the wake of the March and August 2016 flooding events in Louisiana Initial education/feedback workshops in April/May across state; application periods now open for both programs

Dedication of HOME funds to Rural Area’s Annually the LHC will dedicate a portion of HOME funds to rural areas Winter NOFA is a dedication of $4,000,000 in HOME Funds for rural (non- entitlement areas) Can be for Homeownership or Rental Developments Educate lenders of available MRB loans or soft second loans These two programs make a total of $74 million available for landlords and developers to restore the stock of available, affordable rental housing across the state Funding source - U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) for disaster recovery Developed in response to rental needs faced in the wake of the March and August 2016 flooding events in Louisiana Initial education/feedback workshops in April/May across state; application periods now open for both programs

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