2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and...
Transcript of 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and...
![Page 1: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/1.jpg)
2016 HISTORIC FLOODS Rental Programs
4263 and 4277
Photo Courtesy of New York Times
![Page 2: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/2.jpg)
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
![Page 3: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/3.jpg)
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
![Page 4: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/4.jpg)
Overview
The State of Louisiana is committed to helping families
now with rental assistance relief.
![Page 5: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/5.jpg)
Ascension
East Baton Rouge
Lafayette
Livingston
Ouachita
Tangipahoa
![Page 6: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/6.jpg)
* FEMA IA Report
![Page 7: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/7.jpg)
* FEMA IA Report
![Page 8: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/8.jpg)
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
![Page 9: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/9.jpg)
• 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.
![Page 10: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/10.jpg)
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
![Page 11: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/11.jpg)
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.
![Page 12: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/12.jpg)
Program Timelines
4
3
1
6
6
3
12
3
5
GAP PROGRAM
INFILL
INCENTIVE
Months
Programs
Launch Implement Construction and Lease up
![Page 13: 2016 HISTORIC FLOODS - Louisiana...2016/12/02 · 2016 HISTORIC FLOODS Rental Programs 4263 and 4277 Photo Courtesy of New York Times The Mission of the Louisiana Housing Corporation](https://reader033.fdocuments.us/reader033/viewer/2022060410/5f1071757e708231d4492273/html5/thumbnails/13.jpg)
Bradley R. Sweazy | Chief Operating Officer [email protected] | www.lhc.la.gov
Desk: 225.763.8889 | Main: 225.763.8700
2415 Quail DriveBaton Rouge, LA 70808
twitter: @lahousingcorp | Facebook: LouisianaHousingCorp