CDBG-LIHTC Piggyback Program: Best Practices & Lessons Learned - - PowerPoint PPT Presentation

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CDBG-LIHTC Piggyback Program: Best Practices & Lessons Learned - - PowerPoint PPT Presentation

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CDBG-LIHTC Piggyback Program: Best Practices & Lessons Learned 2012 HUD CDBG Disaster Recovery Training Feb 15, 2012 Thomas Latour, Jr. Piggyback Program Manager Louisiana Office of Community Development Workforce & Affordable

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Thomas Latour, Jr.

Piggyback Program Manager Louisiana Office of Community Development

CDBG-LIHTC “Piggyback” Program:

Best Practices & Lessons Learned

2012 HUD CDBG Disaster Recovery Training Feb 15, 2012

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Workforce & Affordable Rental Housing programs

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  • 1. To ensure that the workforce needed to accommodate full economic

recovery has access to affordable rental housing;

  • 2. To provide affordable rental housing to low-income households who could

not otherwise afford to return to their communities;

  • 3. To ensure that affordable rental housing is provided in the context of high-

quality, sustainable, mixed-income communities; and

  • 4. To ensure that a portion of affordable rental units will host supportive

services for families with special needs or high risks following their extended displacement.

Overall goals of programs:

The State created the Piggyback and Small Rental Property programs to repair or rebuild rental stock across south Louisiana.

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Piggyback Program

Program Goal:

Replacement of rental housing stock lost or damaged by hurricanes

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A view of the C.J. Peete housing development in New Orleans after Hurricane Katrina

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Piggyback Program - Overview

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The program combines:

  • Community Development Block Grant dollars

with

  • Gulf Opportunity Zone Low Income Housing

Tax Credits (LIHTC)

  • To leverage approximately $1.1 billion in tax

credit equity

  • that is “Piggybacked” onto the CDBG funds
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Piggyback Program - Budget

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$628M allocated for both Katrina/Rita and Gustav/Ike

  • $581 million – K/R
  • $ 47 million – G/I

The Groves at Mile Branch Creek in Covington (St. Tammany Parish) utilized $8.7 million in Piggyback funds, creating 94 units, 65 of which are affordable.

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Piggyback Program - Developments

70 - Total Awards

  • 52 projects completed
  • 6,425 units

(76% by units)

  • 10 projects under

construction

  • 8 yet to close

The Preserve in New Orleans

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Piggyback Program – Under Construction

8,448 - Total Units To Be Created

  • 63% affordable
  • or 5,326 units
  • Including 841 PSH
  • $628 million CDBG
  • More than $492 million

expended to date (78%) Ground broke on the McCaleb Supportive Housing Apartments in New Orleans in July 2011. OCD-DRU has an investment of $5.3 million Piggyback dollars in Gustav/Ike recovery funds in the project.

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Piggyback Program - Occupancy

96% Overall Program Occupancy

as of Dec. 2011

96% for both market rate and affordable

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Piggyback Program

Innovative Program Design Incorporating Best Practices and Lessons Learned

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  • 1. Competitive Funding Process to Meet State Needs
  • 2. Leveraging of Funds (CDBG/LIHTC Equity/Private Debt)
  • 3. Loans 35 Year Term & Affordability Period
  • 4. “Gap” Financing
  • 5. De-Concentration of Poverty
  • 6. Additional Affordability
  • 7. PSH Concept
  • 8. Adaptability
  • 9. Consulting Team
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Piggyback Program

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  • 1. Competitive Funding Process to Meet

State Needs

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Piggyback Program

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  • 2. Leveraging of Funds

(CDBG/LIHTC Equity/Private Debt)

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Piggyback Program

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  • 3. Loans 35 Year Term and Affordability

Period

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Piggyback Program

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  • 4. “Gap” Financing
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Piggyback Program

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  • 5. De-Concentration of Poverty
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Piggyback Program

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  • 6. Additional Affordability
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Piggyback Program

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  • 7. Permanent Supportive Housing Concept
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Piggyback Program

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  • 8. Adaptability
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Piggyback Program

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  • 9. Consulting Team
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Projects Before & After – Nine 27

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Location: New Orleans Total Units: 76 Affordable Units: 16

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Projects Before & After – Sulphur Retirement Community

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Location: Sulphur Total Units: 60 Affordable Units: 60

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Projects Before & After – The Muses

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Location: New Orleans Total Units: 211 Affordable Units: 76

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Piggyback Program - Occupancy

THE PRESERVE

Units: 183 Date Opened: February 2009 Tax Credits Awarded: $1.5M CDBG Awarded: $15.9M

The Preserve is 92% occupied.

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Piggyback Program - Occupancy

Walnut Square is 98% occupied.

WALNUT SQUARE

Units: 209 Date Opened: July 2009 Tax Credits Awarded: $1.3M CDBG Awarded: $19.5M

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Piggyback Program - Occupancy

Stonebridge is 92% occupied.

STONEBRIDGE

Units: 250 Date Opened: March 2009 Tax Credits Awarded: $17.7M CDBG Awarded: $19.6M

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Piggyback Program

Questions?

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CRESCENT CLUB

Units: 228 Date Opened: Sept 2009 Tax Credits Awarded: $1.9M CDBG Awarded: $19.6M

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http://www.doa.louisiana.gov/cdbg (225) 219-9600