Market Rate GNMA Program: 4.875%
The Louisiana Housing Corporation (LHC), the Louisiana Recovery Authority and the Office of Community Development Disaster Recovery Unit developed the Nonprofit Rebuilding Pilot Program and the Plaquemines Parish Rebuild programs using the state’s disaster Community Development Block Grant (CDBG) funding to repair and rehabilitate owner‐occupied homes for families and individuals impacted by hurricanes Katrina and Rita. These funds are to assist low‐ and moderate‐income owner‐occupant households that continue to have a gap in financial means due to resource limitations, contractor fraud or other means. The program is also designed to support the innovative work of the nonprofit community that has developed unique programs to leverage resources and return families and individuals to their homes.
Experienced partner agencies are required to carry out all phases of owner‐occupied housing rehabilitation including applicant in‐take, inspections, title searches, construction scope of work, and construction work to rehab the home. Additionally, each experienced partner is required to maximize the use of CDBG funding by bringing other funding to the project(s), utilizing volunteer labor, and/or providing donated materials.
Lastly, entities that received funding through this program are expected to coordinate with organizations that implemented the Disaster Case Management Pilot (DCMP) Program. The DCMP Program addressed the long term recovery and permanent housing needs faced by individuals impacted by Hurricanes Katrina and Rita. The DCMP Program was administered by the Louisiana Recovery Authority.