LHC Announces City of New Orleans and Finance Authority of New Orleans (FANO) Partnership
Agreement extends access to 4% Low-Income Housing Tax Credits to increase affordable rental housing development
BATON ROUGE, LA – The Louisiana Housing Corporation (LHC) has announced its partnership with the City of New Orleans and Finance Authority of New Orleans (FANO) to provide more affordable housing opportunities and community stability to the City of New Orleans. Through their Cooperative Endeavor Agreement, the Louisiana Housing Corporation is extending access to FANO that allows them to pair their multifamily revenue bonds with LHC’s non-competitive 4% Low-Income Housing Tax Credits. These credits provide tax incentives that aim to increase the development of affordable rental housing.
“One of the Louisiana Housing Corporation’s greatest tools for increasing housing sustainability in Louisiana is our 4 percent Low-Income Housing Tax Credits,” said LHC Executive Director E. Keith Cunningham, Jr. “Our partnership with the City of New Orleans and FANO leverage’s that tool with new and existing partnerships to address the needs of New Orleans’ communities and developers. In this way, we ensure our commitment to provide affordable, resilient housing to New Orleanians, while at the same time, creating economic opportunities that are beneficial to everyone involved.”
Cunningham will be one of the first to participate in the Developer Webinar Series Workshop; other presenters include FANO CEO and President Damon Burns and Director of Housing Policy and Community Development for the City of New Orleans Marjorianna Willman. Cunningham, Burns, and Willman will discuss their new partnership via the CEA and their agency’s role in addressing New Orleans’ development needs.
“Affordable housing has always been a top priority of this administration. This need is even more critical as residents face additional challenges due to the COVID-19 pandemic. I am proud to partner with the Finance Authority of New Orleans and the Louisiana Housing Corporation to ensure improved public agency coordination to help make this happen. Together we are working to meet people where they are, using webinars to educate developers on how to create more housing and more jobs,” said New Orleans Mayor LaToya Cantrell.
“Mayor Cantrell has a vision of the City working across lines, partnering with Louisiana Housing Corporation and FANO to provide affordable and sustainable housing throughout the City. In the COVID-19 world it is not just a goal but a must,” said Marjorianna Willman.
The webinar will provide developers with valuable information about the benefits of the program, which aims to create more lasting opportunities for affordable, sustainable and energy-efficient housing throughout the city. Each month a panel of housing experts will discuss topics such as green financing and building standards, taxes and bonds, and more.
“The Developer Webinar Series is an opportunity for beginner and experienced developers to learn about FANO’s affordable housing products with an end goal of stimulating affordable housing production and job creation,” said Damon Burns.
The series beings Friday, July 31, and will continue through December 2020. Each workshop will start at 11 a.m. and is geared to large- and small-scale developers, and related local businesses. To attend the series, RSVP via Eventbrite. The webinar will also be available on FANO’s YouTube channel. For additional information about FANO’s Developer Webinar Series, email inquiries to RSVP.FANO@gmail.com.