Louisiana Housing Corporation Announces Partnership with the City of New Orleans and Finance Authority of New Orleans
Partnership aims to create more affordable housing in Orleans Parish.
Through this agreement, which was approved by the New Orleans City Council Thursday, May 2, FANO will have the ability to pair its multifamily revenue bonds with LHC’s non-competitive 4 percent tax credits. These credits provide tax incentives that aim to increase the availability of affordable rental housing.
“This is a unique partnership between the State and municipal entities, said LHC Executive Director E. Keith Cunningham, Jr. “Housing is a local concern, and having local partners ensures that we get it right. This endeavor will give us the ability to make an even greater impact within the City of New Orleans.”
The LHC is the State of Louisiana’s designated tax credit allocating agency. This partnership expands the LHC’s credit allocating capabilities, allowing the flexibility to create more affordable housing opportunities in the community.
“New Orleans is facing an affordability crisis that is impacting the fabric of our community, and has only been exacerbated by the COVID-19 pandemic. This partnership between the City, the Finance Authority of New Orleans and the Louisiana Housing Corporation will allow us to accomplish our shared goals by creating a more innovative and collaborative entity that can better create affordable housing options,” said Mayor LaToya Cantrell. “With this, we are continuing to demonstrate resourceful civic leadership that is working towards a common solution to improve the quality of life for our people.”
The agreement represents a new model of synergy that maximizes economic impact at the state and local level that can be implemented in communities across the state.
“Cooperation among government agencies is needed to address the large amount of demand for affordable and climate-resilient housing,” said Finance Authority of New Orleans CEO Damon Burns. “This agreement is an example of the type of collaboration required to deliver more value to the community.”
For more information about the LHC’s tax credit program, visit lhc.la.gov.
The Louisiana Housing Corporation’s mission is to ensure that every Louisiana resident is granted an opportunity to obtain safe, affordable, energy-efficient housing. Each day this ongoing challenge is met by a dedicated staff of professionals who allocate federal and state funds to help low-to-moderate income citizens make their housing dreams a reality. LHC administers federal and state funds through programs designed to advance the development of energy efficient and affordable housing for working families, drive housing policy for Louisiana and oversee the state’s Disaster Housing Task Force.