Market Rate GNMA Program: 4.875%
October 1, 2010
BATON ROUGE, La. - The state of Louisiana has awarded nearly $50 million for 16 projects in the Gustav-Ike Affordable Rental program, which will help municipalities, parishes, nonprofit organizations and developers renovate and build affordable rental housing in parishes damaged by the 2008 storms.
The Office of Community Development-Disaster Recovery Unit held a kick-off meeting today with the awardees at the State Library in Baton Rouge.
OCD-DRU Executive Director Robin Keegan said, "The 53 parishes damaged by hurricanes Gustav and Ike are experiencing a critical need for additional low-to-moderate income rental housing, as well as permanent supportive housing units that address homelessness. These 16 awards will provide high-quality affordable housing stock that will help fill this need."
The ARP is part of $1 billion in disaster recovery Community Development Block Grant dollars awarded to Louisiana by the U.S. Department of Housing and Urban Development for damages inflicted by hurricanes Gustav and Ike. As part of this allocation, HUD is requiring the state to dedicate 11.2 percent of the total funding to affordable rental housing.
The 16 projects in 10 parishes will create more than 600 rental units, all of which are affordable and 84 of which will be permanent supportive housing units.
Grant awards are contingent upon the grantee meeting program guidelines. The awards by parish and city are as follows:
Permanent supportive housing units are linked to supportive services for vulnerable populations in non-institutional settings, reducing emergency room visits and other high-cost health and social service interventions for people with chronic disabilities.
The model is a national best practice with cost savings that outweigh the expense of the services. Supportive services will be provided by local lead agencies, with funding and oversight from the Louisiana Department of Health and Hospitals. The local lead agencies will receive applications from individuals seeking PSH units and will refer eligible tenants to the ARP projects.
For more information on the Affordable Rental Program, please contact Lisa Lester by phone at 225.219.9600 or via e-mail at email@example.com.
The Disaster Recovery Unit within the Office of Community Development is dedicated to helping Louisiana's citizens recover from hurricanes Katrina, Rita, Gustav and Ike. As the state's central point for hurricane recovery, the OCD-DRU manages the most extensive rebuilding effort in American history, working closely with local, state and federal partners to ensure that Louisiana recovers safer and stronger than before.