Special Programs |
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Market-to-Market
Congress through the Multifamily Assisted Housing Reform and Affordability
Act of 1997 created the Mark-to-Market Program, and The Office of Affordable
Housing Preservation (OAHP) is responsible for the continuation of the
restructuring tools of the program until September 2006.
Louisiana Housing Finance Agency (LHFA), as an approved Participating
Administrative Entity (PAE) for the State of Louisiana works with owners
of multifamily properties with federally insured mortgages and expiring
Housing Assistance Payment (HAP) contracts to determine eligibility.
The goal of the Mark-to-Market program is to preserve affordable housing
while reducing the rents to market levels and restructuring the debt
to levels supportable by these rents.
For more information about the Mark-to-Market Program, please visit
the HUD website at: http://www.hud.gov/omhar or contact Loretta Wallace
at 225 763-8700.
Risk Sharing Program
In 1994, in an effort to increase the supply of affordable multifamily
housing, provide a more adequate supply of mortgage credit in underserved
housing markets and encourage major financial institutions to expand
their participation in mortgage lending, HUD entered into Risk Sharing
Agreements with Qualified Participating Entities (QPEs).
LHFA was approved as a Qualified Participating Entity (QPE) and entered
into a Risk Sharing agreement with HUD to provide mortgage insurance
for affordable multifamily housing in the State of Louisiana. Through
this agreement, LHFA assumes a portion of the risk for each loan it
underwrites and HUD, in turn, commits to pay 100% of the outstanding
principal mortgage balance upon default of the loan and filing of a
claim.
LHFA is responsible for the full range of loan management, servicing,
and property disposition activities associated with these properties.
Multifamily Bond Finance Program
The Multifamily Bond Finance Program is another tool LHFA uses to increase
housing opportunities. Louisiana Housing Finance Agency is authorized
to issue Revenue Bonds to provide financing to developers to acquire,
construct and/or rehabilitate affordable housing for low to moderate
income families and individuals.
Applications for Bond Financing are accepted continuously and can be
accessed above.
Public Housing Authorities (PHAs) Capital Funds
Financing Program
Louisiana Housing Finance Agency (LHFA) will issue tax-exempt bonds
for the purpose of providing funding to Public Housing Authorities for
the construction, modernization, renovation or rehabilitation of public
housing developments. The PHAs will in turn pledge a percentage of their
annual Capital Funds allocation received from HUD.
This program will allow PHAs to immediately address the needs of the
property rather than waiting on annual funding.
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