2016 historic floods - louisiana...2016/12/02  · 2016 historic floods rental programs 4263 and...

2016 HISTORIC FLOODS Rental Programs

4263 and 4277

Photo Courtesy of New York Times

The Mission of the Louisiana Housing Corporation is to ensure that every  Louisiana resident is granted an opportunity to obtain safe, affordable, energy efficient housing. 

ABOUT LHC

Housing is considered “affordable” to ahousehold if the rent (including utilities)is no more than 30% of its pre‐taxincome.

Households spending more than 30percent are labeled “cost burdened” or“rent‐stressed,” and those spendingmore than 50 percent are labeled“severely cost burdened” or “severelyrent‐stressed”.

*2014 LHC Housing Needs Assessment

Overview

The State of Louisiana is committed to helping families 

now with rental assistance relief.

Ascension

East Baton Rouge

Lafayette

Livingston

Ouachita

Tangipahoa

* FEMA IA Report

* FEMA IA Report

Rental Solutions

$20,000,000 will provide assistance to nearly 

1000 families. 

Restore Programs

Estimated Allocation

EstimatedFamilies

Rental Incentive Program $3,750,000 515 

In‐fill Rental Development $3,750,000 28

Multifamily Rental Gap Program  $7,500,000 450

• 2‐year affordability

• Previous tenant not displaced

• Units not currently subsidized

• Vacant or occupied units eligible

• Housing  Quality Standards required

• Will use Housing Choice Voucher criteria

• Administered by LHC’s Louisiana Housing Authority 

Rental Incentive Program

* Based on a 3 Bedroom Unit at Fair Market Rent in EBR.

In‐fill Rental Development

• Use of existing lots held by development authorities, nonprofits, CHDOs and housing authorities.

• Construction oversight managed by the lendinginstitution and can meet CRA requirements.

• These entities currently serve the clients weare also attempting to reach.

• The state will close on the award after thecertificate of occupancy is issued.

• 10‐year affordability

Multifamily Rental Gap Program

• Multi‐unit developments located in a flood zone;and properties not in a flood zone, may be eligiblefor assistance.

• State will fund the gap in repair cost up to:

‐ in flood zone: max $500k‐ not in flood zone: max $1 million

• Vacant units will receive first priority.

• Funding is in the form of a recourse loan.

• 15‐year affordability

Rental Development and Rental Gap Programs

HOME Tenant‐Based Rental Assistance

$500,000

• The program is funded by LHC and administered by the Louisiana Housing Authority.

• To be eligible, households must be: 

‐ elderly or disabled‐ 30% AMI or below‐ lack financial resources for housing

• Rental vouchers issued for 58 households.

• 23 households are currently on the waiting list.

• HOME TBRA allows up to two years of rentalassistance.

• Gap to provide two years of rental assistance to all81 households = $2,210,663.

Emergency Solutions Grant Rapid Re‐Housing

$320,000

• The program is funded by LHC and administered bythe Louisiana Housing Authority for pre‐disasterhomeless and precariously housed flood survivors.

• To be eligible, households must be 30% AMI or below.

• Rental vouchers issued for 48 households.

• 23 households are currently on the waiting list.

• Current funding will only provide rental assistance tothe 48 households for five months.

• Gap to provide twelve months of rapid re‐housing toall 69 households = $609,351.

Pre‐disaster Homeless and Precariously Housed 

* Demand for these programs continue to grow.

Program Timelines

4

3

1

6

6

3

12

3

5

GAP PROGRAM

INFILL

INCENTIVE

Months

Programs

Launch Implement Construction and Lease up

Bradley R. Sweazy | Chief Operating Officer bsweazy@lhc.la.gov | www.lhc.la.gov

Desk: 225.763.8889 | Main: 225.763.8700

2415 Quail DriveBaton Rouge, LA 70808

twitter: @lahousingcorp | Facebook: LouisianaHousingCorp