Louisiana Housing Corporation Launches Distressed Project Initiative
The Louisiana Housing Corporation has released the 2016 Distressed Projects Initiative Notice of Funding Availability (NOFA). The NOFA is designed to provide funding to financially distressed projects awarded 9% Low Income Housing Tax Credits (LIHTC) through the 2015 LIHTC Funding Round that are located in Hurricanes Ike and Gustav designated parishes. The deadline for submitting applications is October 7, 2016. The LHC is implementing this NOFA to address financially distressed projects funded through the 2015 Qualified Allocation Plan (QAP) that have experienced uncontrollable, identifiable project costs. Uncontrollable costs are considered unforeseen hard costs related to the development of a project. Applicants must be able to evidence the current financial condition of the project, the circumstances leading to the financial condition, and mitigating measures undertaken.