March 6, 2021

Volume XI, Number 65

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March 05, 2021

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March 04, 2021

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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.

 

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© 2020 Jones Walker LLPNational Law Review, Volume VI, Number 270
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TRENDING LEGAL ANALYSIS

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About this Author

Michael Rhea Commercial Litigation Attorney
Associate

Michael R. Rhea is an associate in the firm's Business & Commercial Litigation Practice Group and practices from the firm's Baton Rouge office. He is a 2012 graduate of the Paul M. Hebert Law Center, Louisiana State University, where he received his juris doctor degree and diploma in civil law, summa cum laude, and was named to the Order of the Coif. Mr. Rhea received his Bachelor of Arts in International Studies and in Political Science from Louisiana State University. While achieving his bachelor's degrees, he also studied abroad in Granada, Spain.

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